X Handle Daan Crypto’s veteran market analyst shares interesting insights into the current Bitcoin market structure. In a recent post on May 16th, Daan Crypto provided BTC investors with some technical pointers, highlighting potential fundamental developments that could affect the price action of the best cryptocurrency.
Bitcoin breaks beyond the key of intense momentum
In a major breakthrough for investors, the US and China agree to a 90-day suspension over recent sudden tariffs, aiming to eliminate the looming trade war between the two world economies. The announcement sparked a surge in market confidence, with over $600 billion pouring into global financial markets.
According to Daan Crypto, Bitcoin recorded a sharp price rise following this development, even trading the US stock market at $106,000 for some time. However, price growth for Crypto Asset has stagnated, entering the range-bound market between $101,000 and $105,000, while the stock market has recorded continuous price growth.
The current market price is around $103,000, and Bitcoin is trading at an all-time high at a price level below $109,000. Daan Crypto explains that the best cryptocurrencies will surpass this ATH level and need to enter price discovery to rediscover bullish momentum due to the long-term uptrend. Apart from this development, market experts predict that BTC is likely to remain in integration in the near future.
A $90,000 support zone essential for BTC bull structures – Analysts
In other developments, Daan Crypto chose $90,000 as a key support level for the current market rise. Analysts say that if they fall below this price, it will produce a bearish signal, indicating that Bitcoin has fallen from the bullish range and could experience a significant downswing.
In particular, there has not been a price drop below $90,000 since BTC price rebound began in mid-April. Daan Crypto says investors could be “cautiously bullish” as long as the maiden cryptocurrency maintains this support zone.
However, well-known market experts also note that Bitcoin shows many weaknesses compared to the stock market compared to a month ago when Bitcoin was 20%-30% lower than the current market. In this current situation, Bitcoin could follow the stock market, which surged 30%-50% last month if there was a potential price rebound.
At the press conference, major cryptocurrencies continue to trade at $103,509, reflecting a 0.51% decline over the past day.
ISTOCK featured images, TradingView chart
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