The veteran market analyst with X Handle Daan Crypto has shared an intriguing vision on the present structure of the Bitcoin market. In a recent publication on May 16, Daan Crypto provided some technical councils for BTC investors, while highlighting the potential fundamental developments that could influence the price action of the main cryptocurrency.
Bitcoin Break above Ath Key to the bullish impulse
In a great advance for investors, the United States and China agreed a 90 -day break in the recent steep tariffs, with the aim of decalizing an imminent commercial war between the two largest economies in the world. The announcement caused an increase in market confidence, with more than $ 600 billion that flow to world financial markets.
According to Daan Crypto, Bitcoin registered a strong price gain after this development, even exceeding the US stock market. For a while it is almost negotiated at $ 106,000. However, the growth of the prices of cryptographic asset has stagnated since then, entering a range market between $ 101,000 and $ 105,000, while the stock market has registered continuous price growth.
With a current market price of around $ 103,000, Bitcoin quote some price levels below its historical maximum of $ 109,000. Daan Crypto explains that the main cryptocurrency must exceed this level of ATH and enter the discovery of prices to rediscover an upward impulse for a long -term upward trend. Except for this development, the market in the market predicts that BTC will probably remain in consolidation in the predictable future.
Crucial $ 90K support zone for the BTC BTC structure – Analyst
In other developments, Daan Crypto has chosen $ 90,000 as the critical support level for the current market trend. The analyst has declared that a fall below this price would produce a bearish signal, indicating that Bitcoin has fallen from its upward range and may experience significant decline.
In particular, a price drop has not occurred below $ 90,000 since the BTC price bouncing began in mid -April. Daan Crypto states that while inaugural cryptocurrency maintains this support area, investors can be “cautiously optimistic.”
However, the renowned market expert also points out that Bitcoin is showing a lot of weakness in relation to the stock market compared to a month ago, when its price was 20% -30% lower than the current market. In this current situation, Bitcoin is likely to follow the stock markets, which have increased by 30% -50% in the last month, in case of any possible price setback.
At the time of publication, the leading cryptocurrency continues to operate at $ 103,509, which reflects a 0.51% decrease in the last day.
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