Bitcoin experienced a slight pullback but remains in a bullish phase. Analysts highlight the importance of holding above $100K support. Market indicators suggest another upward movement.
Bitcoin (BTC) experienced a slight pullback over the past day, declining by 2.55%. At the time of writing, BTC was trading around $102,000, marking a 2.55% decrease on daily charts. This retracement followed an upward trajectory, with Bitcoin surging by 8.85% on weekly charts. CryptoQuant analyst Crazyyblock emphasized the importance of Bitcoin holding above the $100,000 support level . He argued that the profitability of current holders hinges on maintaining this level.
A failure to hold this critical psychological level could trigger panic selling or loss-induced liquidation among market participants.Crazyyblock pointed out that Bitcoin investors within the 1 to 3-month age bands, known for their emotional selling and short-term strategies, are particularly vulnerable. This group is likely to react swiftly to market changes and may choose to sell even at a loss if Bitcoin dips below $100,000, creating potential selling pressure. The ability of Bitcoin to defend this support level will significantly shape the market's direction, presenting a pivotal point for either an upward or downward movement.Despite the recent pullback, AMBCrypto's analysis suggests that Bitcoin remains in a bullish phase. Market conditions at the time of writing point towards another upward movement. The Taker Buy Sell Ratio remained at 1.12, indicating that buyers are dominating the market. This signals higher buying pressure. Additionally, Bitcoin is experiencing strong upward momentum, as evidenced by the rising RVGI and ADR. The RVGI made a bullish crossover four days ago and has continued to move upward, suggesting that bears are losing their grip. Bitcoin's ADR also indicates that BTC is making more gains than losses. The recent decline appears to be a market correction before attempting another uptrend, as most market participants remain bullish and anticipate further price increases. If this sentiment persists, BTC is expected to reclaim $105,000 and attempt a breakout above $106,000, where it has previously faced multiple rejections
BITCOIN CRYPTOCURRENCY MARKET ANALYSIS SUPPORT LEVEL BULLISH
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