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The Bitcoin worth had a tough start to the weekend, plummeting from its $106,000 excessive to only above $103,000 on Friday, June 20. The flagship cryptocurrency turned considerably steady above this worth zone, hovering across the $104,000 mark for a lot of the previous day.
However, the Bitcoin worth confronted one other wave of bearish stress within the late hours of Saturday, June 21, falling to round $101,500 because of this. Below is an evaluation of the BTC worth and what lies forward for the world’s largest cryptocurrency by market capitalization.
Next BTC Support Level Lies At $100,000: Analyst
Popular crypto analyst with the pseudonym Titan of Crypto put forward an fascinating evaluation for the Bitcoin worth because the market chief struggles to construct any momentum. According to the web pundit, the value of BTC could possibly be on its method to retest an important help space if it continues to lose its bullish impetus.
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Using the Bitcoin worth chart on the weekly timeframe, the following important help degree lies across the $99,000 – $100,000 vary. The confluence of the Fair Value Gap (FVG) and the rising Tenkan-sen (crimson line) round this worth area makes the zone a major space to look at if promoting stress persists.
The Tenkan-sen, a key part of the Ichimoku Cloud indicator, is usually thought of a major line in analyzing short-term tendencies. The Tenkan-sen line is usually seen as a key help and resistance degree, in addition to a sign line for potential pattern reversals.
The Fair Value Gap is a liquidity void typically created by a pointy motion in worth, indicating an absence of buying and selling exercise inside a specific worth vary. FVGs are often thought of as potential areas of curiosity for future worth corrections, as buyers typically look to fill the liquidity void.
With the FVG and the Tenkan-sen set inside this identical area, Titan of Crypto famous that the Bitcoin worth could discover a help cushion across the $100,000. This degree seems to be extraordinarily essential for the flagship cryptocurrency within the brief time period, particularly as its bullish momentum wanes.
Meanwhile, holding above this $100,000 help could possibly be crucial to Bitcoin’s long-term trajectory. It is price noting that the value of BTC has not traded beneath $100,000 since May 8, reaching the $110,000 mark twice inside that span.
Bitcoin Price At A Glance
After falling to round $101,400 within the late hours of Saturday, the value of Bitcoin has now returned round $103,000. As of this writing, the value of BTC stands at round $102,845, reflecting a 0.4% decline prior to now 24 hours.
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Featured picture from iStock, chart from TradingView
