Over the past few days, the Bitcoin market has witnessed almost impressive price action and performance. The best cryptocurrencies rose to $108,000 early in the week, but BTC prices were mostly limited to the $103,000-$106,000 range.
In fact, the flagship cryptocurrency has been in position beyond the psychological $100,000 level since early May, but it has not been built on this momentum. The latest on-chain data provides insight into the unwillingness and potential trajectory of Bitcoin’s current movement in the coming weeks.
$95,000 serving as a barrier. The momentum is weakening
In a June 21 post on social media platform X, on-chain analyst Burak Kesmeci repeated his previous prediction that Bitcoin prices could drop from $93,000 to $94,000 in the short term. In his post, Kesmeci cited multiple technical indicators that form the basis of his bias.
The first of these highlighted metrics is the Fixed Range Volume Profile (FRVP) Central Swap Level (ISL). This is a refined support or resistance level derived from FRVP, which shows the critical area where buyer seller domination is inverted by central volume.
According to Kesmeci, this zone is at a resistance level as the FRVP intensive swap level is around $95,000. Online experts also said that if Bitcoin prices do not exceed this price level, they could further increase sales pressure in the cryptocurrency market.
Source: @burak_kesmeci on X
Analysts also identified a simple 50-day moving average (SMA50) as important for short-term trends. Kesmeci emphasized that the SMA50 is nearly $105,000. This is interestingly at the same level as BTC is about to close the bottom the second time. Once Bitcoin closed normally under this SMA50, analysts on the chain speculated that it could catalyze the movement of the flagship cryptocurrency’s shortcomings.
The relative strength index (RSI) also appears to support Kesmeci’s bearish attitude. Currently, under the 14-day SMA at the under-50 level, RSI shows that momentum will be lost in the Bitcoin bullish movement.
As if that wasn’t bad enough, Kesmeci also points out that a low low is being formed at RSI, which stands as further evidence that the market is currently dominated by sellers.
“Why are you waiting for $94,000?” – Kesmeshi
To answer the question of why $94,000 is the next important level to be aware of, Kesmeci explained that the VAL (low value area) for FRVP refers to around $93,000-94,000. Burak has revealed that this level can serve as a strong support zone for sending back prices after a short-term sale of BTC.
Additionally, Crypto Pundit referenced the 200-day simple moving average (SMA200) as another confirmation of his bias. Certainly, the SMA200 has been observed to converge nearly $95,000. With Bitcoin prices falling, Brak advised that market participants remain prepared for the highlighted support zone.
At the time of writing, Bitcoin is valued at around $101,596, reflecting a 1.3% price drop in the last 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
ISTOCK featured images, TradingView chart
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