After falling below the key $110,000 support zone, Bitcoin (BTC) has entered a long-term integration phase to identify key pricing levels that trading experts will watch.
Specifically, analysis with TED pillows shows that due to limited movement, major digital currencies show signs of behavior like stability.
His insights show that at the current level, the $107,000 mark stands as immediate support. If that area is not held, Pillow noted that it could fall towards the $100,000 zone where Bitcoin is expected to have stronger demand.
Conversely, regaining $113,500 will result in the bull regaining control and paving the way for resistance of $118,000 and potentially $124,000.
Bitcoin prices remain in the chop zone
Meanwhile, analysis Bitbull It provided another outlook for Bitcoin amid the current indecision by traders.
The $111,972 mark is the Bulls’ significant threshold, according to analysts. The above breaks could return momentum towards the channel above, confirming bullish continuation. Beneath it, Bitcoin stays in the “Chop Zone”, where sideways integration predominates.
On the downside, analysts pointed out that $105,100 stands as the next major support. Drops to this level will strengthen bear channels that guide price action from mid-August.
In general, Bitcoin setups look bearish in the short term, but such setups have historically preceded strong gatherings.
Bitcoin price analysis
By press time, Bitcoin had traded at $109,423, raising about 0.01% over the past 24 hours. In the weekly timeline, BTC has been revised at 5% or more.
In particular, at the current rating, Bitcoin is below the 50-day Simple Moving Average (SMA) of $114,166. This suggests a short-term bearish trend, as prices perform less than their recent averages.
The 14-day relative strength index (RSI) stands at 37.72, indicating that Bitcoin is approaching unsold territory.
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