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As Bitcoin (BTC), the leading cryptocurrency, the crucial $ 85,000 recovers on Monday, top analysts projected raised volatility in the market for the coming week.
Bitcoin Eyes important liquidity zones above $ 90,000
Crypto analyst Crypnuevo gave insights into a recent Update on social media Site X (formerly Twitter), emphasizes that despite the chaos around rates and potential market manipulation, there are important data points and trends to check.
The analyst emphasized the importance of liquidity and price action in the coming days, and noted that liquidations are mainly concentrated between $ 90,000 and $ 91,500 – psychological level for many traders.
With Bitcoin who wins 7% on the weekly period of time, the potential for a movement to tackle these liquidity zones can be expected, to restore the Cryptocurrencies crash to $ 74,000 Experienced last week.
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Crypnuevo also stated that the current liquidation -Delta is relatively balanced, with around $ 15 billion in long positions on maximum liquidity. He suggested that a threshold of more than $ 25 billion in liquidations would venture more closely.
The ideal scenario of the analyst for the coming week includes price compression between the daily and weekly 50 days Exponential advanced averages (EMA), now placed at around $ 86,000, which could lead to a considerable price expansion.
Rising wedge
Analysts often look for patterns in market behavior, and Crypnuevo speculated that a third retest could occur, according to the tendency of the market to move in three.
The analyst claims that this would further compress the prices, which would possibly lead to a more aggressive outbreak later. He identified a key Mid-Range Support Line For $ 81,000, which suggests that although this scenario can be slightly less likely, it remains a possibility.
Another prominent analyst, Ali Martinez, repeated these feelings on social media, identification The critical level of support for Bitcoin at $ 82,024, where about 96,580 BTC was previously collected earlier.
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This zone can be of important support for the cryptocurrency in the case of Crypnuevo’s scenario of further retests that will take place in the coming days for the price of BTC.
Ali Martinez also noted On social media, BTC may be an increasing wedge pattern that may indicate a potential retest of the support level of $ 79,000.
While Bitcoin (BTC) is currently trading at $ 85,000, it still remains more than 21% below the all times of $ 109,000, which was reached in January of this year.
With the power Market sentiment This gap can indicate a renewed sense of bullishness in the course of the month, this gap can close quickly.
Featured image of Dall-E, graph of TradingView.com
