When the price of Bitcoin hits the road block after the load block, the next direction appears to be falling, increasing sales pressure. There were also crashes below key support levels, such as $112,000, which continues to stumble digital assets growth. This will turn these previous levels of support into resistance, and in particular one remains an obstacle to ascending extermination. If $114,000 of resistance continues to be held, Bitcoin investors could have a terrible time.
Bitcoin prices are at risk of crashes
The recent rejection of Bitcoin prices from resistance before $114,000 is a major source of concern, according to Crypto analyst Bitbull. This is overshadowing all the recovery that Bitcoin prices have recently performed, and the bear still has a substantial amount of power than the price.
In the analysis, Bitbull noted that if there is a significant recovery, the $114,000 level remains at the winning level. Specifically, Bitcoin prices should be regained this level in the daily time frame and retained before further uptrends occur.
Another problem facing cryptocurrencies is the time frame issue. Crypto analysts also point out that Bitcoin prices need to be reclaimed $114,000 to increase the likelihood of a rising trend. This is because the longer it takes to exceed $114,000 in the daily time frame, the more likely the price will crash even further. But until this happens, Bitbull says that recovery is just a bull trap and could precede the next wave of decline.
You can head to BTC from here
Another Crypto analyst, Mags, is calling for the possibility that Bitcoin prices will crash from here. This time, the level of interest is much lower than Bitbull called $114,000, and Mags explains that $108,000 is actually a point of interest.
This level has served as a great support during the recent crash, and has now reached the level where you can beat the Bears if you want to lower the price of Bitcoin. Conversely, the Bulls are now at a level where they are protecting against further onslaught, and demand at this level must be kept in order to continue the rally.
If the Bulls are successful and have $108,000, Crypto analysts believe Bitcoin prices will rise, perhaps heading towards a new all-time high. However, in the event of a breakdown, if the bear takes over support for $108,000, the price of Bitcoin is expected to fall below $100,000.
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