Recently, the price of bitcoin (BTC) is greatly ranging due to various factors, including the publication of data from the IPC in the United States and the aggravation of the conflict between Israel and Iran.
We figure out what is happening in the Bitcoin market (BTC) and what to expect from the price of cryptocurrency.
Investors support bitcoin
After almost two months of lull, long -term Bitcoin holders (LP) changed tactics: now they are in no hurry to fix the profit by bitcoin. Such a shift indicates that the confidence of bitcoin-investors is restored.
Over the past 24 hours, the market has already recorded small tributaries of capital from LP. If this goes on, then this cohort of investors can greatly support BTC growth.
At the macroeconomic level, Bitcoin-ETF played an important role in the latest market events. Last Friday, they attracted $ 301.7 million after a conflict between Israel and Iran. It was the second largest tributary for a week, and every day there were stable revenues. Institutional investors were not afraid of geopolitical tension, which indicates a bull mood in the market.
However, the situation may change in the coming days. If the tributaries continue, Bitcoin will receive additional support and retain the ascending trajectory. If the mood becomes negative or the tributaries slow down, the price of bitcoin may decrease. Monitoring of tributaries in ETF next week will be the key to evaluate the direction of the market.
BTC Forecast: Key Levels
The price of Bitcoin has recently bounced from the support level of $ 105,572, and in recent days it stably kept above $ 105,000. At the time of writing this analysis, the BTC is traded just below $ 107,000.
The next significant goal for cryptocurrency is to resist $ 108,000. If Bitcoin successfully overcome this barrier, he will receive a chance to go further – probably, to $ 109,476 or even $ 110,000. Then the road to the current historical maximum (ATH) at the level of $ 111,980 will be completely open.
On the other hand, if you can’t overcome the resistance by $ 108,000, then the coin will threaten the rollback to support at the level of $ 105,572. The fall below this mark will indicate a bearish reversal, and bitcoin may drop below $ 105,000.
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Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
