Bitcoin fell 11% of its historical $ 111k peak as operators if key prices levels do not maintain and commercial tensions continue to increase, Bitcoin could fall to $ 97K.
Main Takeways:-
- A bears flag pattern in the four -hour table suggests that Bitcoin’s price could fall to $ 97,000.
- Merchants say that Bitcoin’s price could fall as low as $ 85,000 if important support levels are broken, such as $ 100,000 and the annual open about $ 92,000.
The rupture points signal moves towards a $ 97K target
The price of Bitcoin has created a classic bears flag pattern in the four -hour table. This happens when the price moves a bit in a narrow range after falling sharply, generally which means that the price will continue to fall.
For Bitcoin, the bears flag began to form after the price reached a minimum of approximately $ 103,100 on May 31. The price remained in this employer over the weekend, often testing the lowest flag support line.
The bearish trend will be confirmed if the price falls below the lower edge of the flag at $ 104,800. If that happens, the price could fall to around $ 97,690, which is the expected objective based on the size of the previous price drop.
Impulse tools such as the Relative Force Index (RSI) also support this idea. The RSI is in 44 now, which means that the market still seems more likely to decrease.
Merchants reveal Bitcoin’s key areas for June
According to Cointegraph Markets Pro and TrainingView, Bitcoin (BTC) has fallen 6.3% of its maximum record of more than $ 111,000.
The price of Bitcoin increased by 11% in May, but now merchants are not sure where it will go next. In last, June has been unpredictable, with a small average loss of 0.3%.
According to the cryptographic analyst Daan Crypto Comercio, the key price levels to see at the beginning of June are $ 99,600 (the average range) and $ 108,000 (the old record).
The merchant said that there is a good possibility that any price movement in the first week can be reversed, especially if there are early signs of a change in the direction around those key levels.
A box shared with the publication showed that if Bitcoin exceeds $ 108,000, it could rise to its historical maximum of $ 111,900. But at that time, he would probably face a strong sales pressure and fall again.
Similarly, if Bitcoin falls below $ 99,600, the price could fall more until it finds a support of around $ 97,600, which is the average level of 200 days.
The Alphabtc analyst said on June 2 that Bitcoin seems to have started a larger fall, which will probably continue until the second week of June.
The expert said that if Bitcoin breaks down a pattern of ‘bears flag’ in the four -hour table, its price could fall to about $ 102,000. If it falls below that, the price could be even lower towards the annual opening price, which is just above $ 92,000.
Alphabtc asked: “What will happen around $ 92,000?” They said that if this level is a good opportunity to buy, Bitcoin could recover and start a strong recovery towards the new maximums.
On the other hand, if commercial tensions continue to get worse, Bitcoin could fall even more, to approximately $ 85,000, according to the table below.
As Cointegraph reported, Bitcoin merchants are watching how the price ends every week and month to guess where it could go next. The important price points to which they are paying attention are $ 100,000 and $ 97,000.
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Discharge of responsibility: In Bitcoinik.com we present the most recent information in the encryption market. However, this information should not be considered as financial advice, and viewers must consult their financial advisors before investing.
