Bitcoin it is showing signs of weakness as bearish pressure continues to decline at a key technical level. With key areas at risk and reversals starting to take place, BTC may be entering a predictable phase that will determine the market’s direction.
Consumers Continue to Lose Power as Shortage Grows
Crypto analyst Kamile Uray he said that Bitcoin buyers continue to look weak as the market faces another wave of problems. The expert explained that if BTC breaks the privacy policy on the ground at $ 74,929, it can confirm the completion of the last shoulder in the OBO system that is developing while staying below the previous low near $ 76,044.
Unless Bitcoin can meet the 4-hour confirmation candle to close above $78,213, the trend is likely to continue. A sustained break below $74,929 would open the door to a further low in the $71,000-$68,000 area, which has been identified as a major one. Fibonacci support zone.
Kamile Uray also explained that as a strong purchase strength eventually comes out of the bottom, Bitcoin can try another rally. For each move, the market may need to overcome resistance around $98,000, followed by a major resistance area between $107,000 and $109,000.
However, if Bitcoin struggles to maintain strength above the recent interest rate near $126,199, the risk of another major correction phase will remain active. Regarding the deep decline, Kamile Uray emphasized that the $60,000 level is seen as an important long-term support level that will have a significant role in future trading.
Bitcoin Bullish Reversal Pattern Begins to Turn Bearish
A crypto expert Merry__PT said he realized that the current price of Bitcoin is going very high. Although the market initially formed a well-known W bottom, the top sign of a bullish reversal, this structure is changing into a Head and Shoulders top, which was previously considered a sign of a bearish reversal.
The most important piece of technology to monitor progress is the horizontal blue line on the neck. This support center is working as a base for all the technology composition and the potential for significant change in behavior. Once this neck is clearly defined and accepted by the market participants, the Head and Shoulders design has achieved greater accuracy.
If the price proves to break below this level, the model can change from the current situation to a real supporter of the static drag. Continuing in this direction, the closing of the monthly candle is very important, it serves as an important part of analyzing the future and the direction of the market.
