Bitcoin Needs To Reclaim This Level For Trend Continuation
Bitcoin (BTC) fell below $95,000 and fell further in the ongoing market review. With February ending, some analysts believe flagship cryptocurrencies need to retract some key levels to continue their bullish long-term trend.
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The price decline in Bitcoin over the past three days are some key levels, down 5.7% from Friday’s high. In the news about the SEC’s withdrawal of Coinbase’s cryptocurrency case, the largest cryptocurrency is stocks that exceeded $99,000 for the first time in two weeks, according to market capitalization.
But positive emotions are quick Disappeared After one of the world’s largest cryptocurrency exchanges Bybit, one of the world’s largest cryptocurrency exchanges, it suffered a $1.5 billion hack, accounting for 401,347 ETH. As a result, most cryptocurrencies, including Bitcoin, have lost temporary gains.
Since then, flagship cryptocurrencies have hovered between $95,000 and $96,000, briefly approaching resistance of $97,000 on Saturday. The correction continued on Monday, with BTC falling below $95,000 and reaching its one-week low at $93,800.
As analyst Jelle pointed out, Bitcoin continue Open in New York market. According to the post, BTC’s weekly recovery from its weekly recovery after the U.S. market opened, pushing its price toward a few times over the past few months.
Despite these recycling and recent market corrections, Bitcoin has Stay behind In the post-election range since November, the smallest volatility is shown. For most of this period, BTC hovers in the $102,000 mid-zone of $102,000.
In recent performances, Altcoin Sherpa tip Except for February 18, Bitcoin’s daily support area has not been closed for more than a month, suggesting that BTC needs to be closed above $95,700 to continue to maintain this critical level.
BTC retests bullish flag breakout
Meanwhile, Rekt Capital Highlight BTC needs to close more than $96,000 a month per month to continue its bullish long-term trend. In January, the largest cryptocurrency registered a historic candle after the first month of over $100,000.
This close-confirmed Bitcoin breakthrough after the election per month Cow flag. However, the recent price action has caused BTC to retest its breakout level again, losing it temporarily.
Analysts assert that the cryptocurrency needs to recover and close the $96,700 above February to confirm the breakout and set the trend continuation over time. ”
He added that BTC traded at this critical level for most of February and continued holding it would indicate “retest after success.”
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Rekt Capital concluded that BTC’s daily close-range is “not as good as the higher time range signal” as Bull Flag Bottom continues as support “and a three-month trend at higher lows at a low wick” remains.
At the time of writing, BTC is trading at $94,165, a 2.1% reduction in the daily time range.
Featured images from Unsplash.com, charts from TradingView.com
