Bitcoin is a representative virtual currency ($BTC) has increased rapidly in recent days due to the ceasefire negotiations between the United States and Iran.
After exceeding $76,000, $BTCwas met with resistance and rejected, as it has been for a long time, and fell back to the $74,000 level.
While bullish expectations continue, $BTCRegarding recent movements, one analyst is warning of a significant decline.
Popular analyst Ali Martinez said that Bitcoin is currently in a critical phase.
According to Martinez, Bitcoin has retested the 100-day moving average (SMA), which is considered a key resistance level.
While sharing the latest analysis from Account X, the analyst said that this is the third time in the past six months. $BTC We retested the 100-day SMA level on the daily chart as a resistance point.
he added: $BTC Holding the $73,000 level is absolutely necessary to maintain the upward momentum.
The analyst noted that the market had failed to sustain this level twice, in October last year and in January this year, and said further declines could occur if the resistance was not permanently broken this time.
Martinez warned that a triple-top pattern could form if the retest fails. This pattern could send Bitcoin price back to its all-time low of $59,000.
On the other hand, if $BTC If the stock can break through this resistance and establish a sustained position above the 100-day SMA, the price could rise to the $80,000 to $84,000 range, he said.
*This is not investment advice.
