Bitcoin (BTC) experienced a massive rally last week, rising to $109,000, but tensions between Israel and Iran overshadowed this.
As Bitcoin sales pressure rises, sellers are trying to take control.
At this point, Bitfinex analysts said in a recent report that there is a risk that Bitcoin will fall further as sales pressures increase due to tensions in Israel and Iran.
Despite the risk of drops, analysts added that Bitcoin will need to exceed $102,000 for a potential recovery.
At this point, the analysts said the current situation for Bitcoin is similar to the previous pattern where Bitcoin usually rallied right after an aggressive sale.
“These sales are similar to past surrenders, often informing the bottom of the local area.
“If Bitcoin can hold a zone of between $102,000 and $104,000, it means that sales pressure will be absorbed and the market is ready to recover.”
Analysts also added that the technical indicators suggest a short-term bottom of between $102,000 and $104,000.
This could trigger a rally of over $112,000 within six to eight weeks, or a new all-time high. A similar pattern ultimately led to 18-25% rallies in Bitcoin, according to analysts.
This level shows the Bitcoin Blu Bear Line!
Apart from Bitfinex analysts, Analysis Company Alphractal pointed out $98,000 for Bitcoin.
Alphractal noted that as long as Bitcoin exceeds its main support of $98,300, it is likely to remain bullish. However, breaching this threshold could lead to BTC leaning towards a deeper correction.
“As long as Bitcoin exceeds the realized price of short-term investors (STH), the market can consider bullishness.
The bullish scenario can only change if BTC loses its $98,000 level, causing a deeper decline. ”
*This is not investment advice.
