Bitcoin (BTC) is pulling prices into the $103,000 region, down 1.12% in the past day, dropping prices to the $103,000 region, according to CoinmarketCap data. In particular, this slight decline highlighted another calm week in which Bitcoin failed to hold a compelling price breakout during the extended revision phase. Interestingly, a popular market analyst with Crypto’s X username Titan shows weight in Bitcoin’s latest rejection.
Bitcoin Bulls must now intervene – Analysts
In the June 20th X post, Titan from Crypto will provide a detailed analysis of the recent Bitcoin price rejection. The finest cryptocurrency began its price rally on June 20, trading highs as $106,000 and faced a severe refusal to force revenues below $103,157.
According to Titan, Crypto’s analysis, price rejection at Bitcoin’s fair value gap (FVG) means that prices rose to inefficient zones but were unable to break through. In the context, FVG is a price imbalance or inefficiency in charts that moved in one direction as seen on June 20th, leaving a zone where little or no trade occurred.
However, FVG is located in a larger, symmetrical triangle. This is a common chart pattern showing the integration period before major price transfers. As seen in the chart above, it is formed by two converging trend lines, narrowing the structure suggests an increase in pressure, often leading to breakouts or breakdowns as the market seeks direction.
Based on recent developments, BTC has undergone retest and is currently showing potential for further downsides, passing through the lower boundary of the symmetrical triangle. According to Crypto’s Titan, potential Bitcoin price targets at the event include a previous weekly low of $102, $679.
Bitcoin Market Overview
In other developments, blockchain analytics firm Sentora reports that Bitcoin network fees have increased by 105.8% on a weekly scale, indicating a surge in transaction counts and user engagement. Meanwhile, as investors transferred their holdings to individual diversified wallets, a significant exchange outflow suggesting long-term market trust was $2.06 billion.
As mentioned before, BTC is trading at $103,402, with a loss of 1.88% and 7.02% on weekly and monthly chats. Meanwhile, daily asset trading volume has increased by 38.31%, valued at $50.14.
BTC trading at $103,882 on the daily chart. Chart: Tradingview.
Pexels featured images, TradingView charts.
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