Over the last few days, Bitcoin Market has witnessed great price behavior and performance. Premier Cryptocurrency has risen up to $ 108,000 to $ 108,000 early a week, but most BTC prices have been limited from $ 103,000 to $ 106,000.
In fact, the flagship cryptocurrency has maintained its position of more than $ 100,000 from early May, but has not built this momentum accurately. The latest on -chain data has been reluctant to move in Bitcoin’s current movement and provided insight into possible trajectory in the next few weeks.
$ 95,000 acting as a barrier; The amount of exercise weakens
Burak Kesmeci, a chain analyst from the post of social media platform X on June 21, repeated the previous projection that Bitcoin prices could drop from $ 93,000 to $ 94,000 in the short term. Kesmeci cited several technical indicators that formed the basis of his prejudice in his position.
The first of these emphasized indicators is the fixed range volume profile (FRVP) intensive swap level (ISL), which is a purified support or resistance level derived from the FRVP showing the main region of the buyer’s dominance overturned by the intensive volume.
According to KESMECI, the FRVP concentrated swap level is about $ 95,000. Online experts also stated that the price of Bitcoin could further increase the sales pressure of the cryptocurrency market if the price of Bitcoin did not raise the price level.
Source: @burak_kesmeci on X
Analysts also identified the 50 -day simple moving average (SMA50) as important for the short -term trend. Kesmeci has reached almost $ 105,000 by SMA50. Interestingly, BTC is the same as the second end. If Bitcoin is successfully closed under this SMA50, the warm chain analyst can promote the drop in the flagship cryptocurrency.
The relative strength index (RSI) also seems to support Kesmeci’s weak position. Currently under 50 years of age and the RSI under the SMA on the 14th, the RSI signals that the amount of exercise is lost in Bitcoin’s optimistic exercise.
Kesmeci pointed out that the lowest in RSI is formed, as it is not bad enough, which is additional evidence that the market is now dominated by the seller.
‘Why I wait for $ 94,000’ -Kesmeci
Kesmeci explained that FRVP’s VAL (Value Area Low) reached about $ 93,000 to $ 94,000. BURAK made it clear that this level could serve as a powerful support zone to rewrite the price after the short -term sale of BTC.
Crypto Pundit also referred to the 200 -day simple moving average (SMA200) as another confirmation of his prejudice. In fact, the SMA200 is observed to be nearly $ 95,000. Bitcoin’s price drops, Burak advised that market participants continue to prepare for the emphasis.
At this point, Bitcoin is about $ 101,596, reflecting a 1.3%drop in price over the last 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Istock’s main image, TradingView chart
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