Bitcoin Bull Market at Risk if $97,000 Support Fails to Hold: Analyst
After a 2.22 % decrease in the past 24 hours, Bitcoin has now re -tested the price level of $ 100,000 again. It is worth noting that in the past 24 hours, Bitcoin has recently rebounded at a price of $ 99,200 because it continues to trade strong fluctuations.
At the same time, encrypted analyst Ali Martinez specifies $ 97,190 as the main support level, emphasizing that Bitcoin must be maintained above it to maintain its bullish trajectory. This opinion appeared in the case of sharp fluctuations Has been tested by investor emotionsHowever, as the data shows that many traders continue to bet on the upward trajectory of Bitcoin, optimism is still very strong.
The main support level of Bitcoin is $ 97,190
Be Martinez pointed out, $ 97,190 is one of the most critical support levels of Bitcoin. It is important to maintain Bull market. The insights were data from the chain analysis platform ISTOTOTHEBLOCK. In particular, the data is revealed by IN/In/OUT in CHONE through the INTOTHETHEBLOCK around the price indicator.
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As far as Bitcoin is concerned, about 73 % of the address of the purchase of Bitcoin within the current scope of transaction is profit. A large part (approximately 1.45 million addresses) purchased a Bitcoin of 95,727 to 98,719 US dollars at the average price of $ 97,190. At this level, these addresses jointly hold about 1.36 million BTCs to make it the most densely held in the current cycle.
Considering this concentrated shareholding, Bitcoin Must be maintained More than $ 97,190 to maintain its bullish momentum and maintain the emotions of traders. Breakthroughs lower than this level may push many these holders to split, thereby increasing The possibility of panic sales. Conversely, this may trigger further downward pressure and produce a class effect on the price of Bitcoin.
image From x: Ali_Charts
Binance Futures data shows strong bullish emotions
Despite worrying about Bitcoin’s ability to maintain its support, the market sentiment between traders is still optimistic. especially, Open position Regarding Binance, the world’s largest encrypted exchange shows that most traders continue to bet.
According to the data of Coinglass, 60.94 % of the traders of the largest encrypted exchange have bet on the open Bitcoin futures position on it.
Martinez further strengthened the prospects of watching the bullish, and pointed out TD sequence indicator, It appears on the four -hour chart of Bitcoin. The technical tools play a role in determining the trend reversal throughout the cycle, usually before the price is restored.
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in the case of Model is established againBitcoin may experience updated purchases Stress in the next few daysIt may lay the foundation for re -testing the level of $ 106,000.
When writing, the transaction price of Bitcoin was $ 99,403, a decrease of 2.35 % in the past 24 hours.
Featured images from Neon Lantern Dream, chart of TRADINGVIEW
