- Bitcoin went from $ 105,000 to $ 102,000, with an analyst considering $ 94,000 like the next large support area.
- BTC’s open interest data has shown that it was entering a lever -effect sales area, increasing the risk of decline.
Bitcoin (BTC) went from $ 105,000 to $ 102,000 after briefly touched the bar of $ 100,000, shaken by increased geopolitical pressure.
American -Israeli air strikes on Iran have sparked a new series of volatility, forcing risk assets – in particular crypto – to relax aggressively.
Despite a slight rebound at $ 102,000, BTC’s short -term prospects remain threatened, analysts now considering a potential drop to $ 94,000.
Bitcoin loses momentum
According to cryptocurrency analyst Burak Kesmeci, Bitcoin has lost its bullish rhythm.
On the daily graphic, BTC was negotiated below the intense FVRP swap zone at $ 95,000, suggesting a consensual loss of value.
Source: tradingView
When BTC is lower than this level, this means that prices are negotiated below an intense area of interest where most investors have acquired it. Thus, if prices continue to stay below this level, the sales pressure should increase.
Naturally, such a rupture coinciding with a heavy point resistance – like the SMA50 almost $ 105,000 – makes the continuation in the short term in the short term.
Two refusals, a result
Source: tradingView
BTC has recently failed to end above $ 105,000 for the second time, confirming it as short-term resistance. More critical, he closed again under the SMA50, opening the way for new losses.
The loss of momentum is also highlighted by the relative force index (RSI).
RSI fell to 41.59, at the time of the press, well below the level 50 neutral. RSI is also trendy under its SMA14, reflecting increased control of sellers.
And if their domination continues to increase, the time of decline will strengthen.
Based on this analogy, the downward trend will continue, BTC falling at $ 94,000. Indeed, the VAL level in FRVP indicates about $ 93 to 94,000.
We are deep in a lever -effect territory
In addition to this, the data open on the interests and the checks of Checkonchain placed BTC in a zone of sales of clear leverage.
Source: Checkonchain
Often this indicates a weakening of the momentum and a continuous risk downwards unless the shorts are in a hurry or the buyers of an intermining spot. This is what happened mainly on daily graphics when prices recovered from the drop of $ 100,000.
Despite the recovery at $ 102,000, the downward momentum is still solid because investors have taken a step back on the market.
The Bitcoin NVT report flashes red
Source: cryptocurrency
The story in the chain also supports a lower case.
At the time of writing the time of the editorial staff, the Bitcoin NVT ratio increased to 60.9, which suggests that the price increases without equivalent transactional volume.
In other words, the recent rebound lacks organic support. When NVT ratios increases like this, this often indicates an unbearable price action – an incoming recovery warning.
Such a decision will see the BTC fall at $ 97,917 before trying another step. However, if the short positions recorded in the last day continue to be in a hurry, BTC can recover and recover $ 104,000.
