The onslaught continues as Bitcoin prices fail to create meaningful bounces. And the Bears continue to keep prices below $110,000 for most of the weekend. This has already caused fear in the market, with fear and greedy indicators falling into the territory of fear, indicating a new five months’ low. From here, the next direction of Bitcoin price has a lot of weight across the market, and the point where cryptocurrency sits is the decision-making point.
Bitcoin prices are classified as Critical Junctions
Bitcoin prices are currently sitting at what can be considered makeup or break levels, according to Weslad, a Crypto analyst who posted an interesting analysis on the TradingView website. This important junction is in the main supply zone, and at this point, a strong supply could lead to rejection soon.
Crypto analysts explain that Bitcoin prices are currently above the main demand zone of $106,269 to $108,715, which is still very bullish at the price. In fact, this has historically been known as the point that the Bitcoin Bulls often hold and support and trigger the next wave of uptrends.
This means that if the Bulls want to maintain a major uptrend, they will need to continue to hold this demand zone. If the hold is successful and the subsequent bounces and breakouts hold strong momentum, Bitcoin prices can be placed on the road to past $124,000, the highest ever high.
More from this point onwards, Crypto analysts believe the bounce could send Bitcoin prices to the target zone between $135,627 and $139,616. This is an increase of over 20% in cryptocurrency.
The bear can still take control
The Bulls appear to hold major uptrends while keeping Bitcoin prices beyond the demand zone of $106,269 to $108,715, but this is where the bear could take over. Weslad points to a recent denial from the $117,000 supply zone as evidence that sellers are still very active in the market.
If sales continue, pressure could further push Bitcoin prices down, putting key demand support at risk. If the bears are able to successfully infiltrate the demand zone between $106,269 and $108,715, Crypto analysts hope that prices will continue to struggle.
The downtrend from here could cause an additional 10% crash, and such crashes could cause Bitcoin prices to move straight to $98,384. This break means Bitcoin will lose its psychological level of $100,000 for the first time in over three months.
Featured Images of Dall.E, Charts on tradingView.com
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