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The Bitcoin Price at a Crucial Crossroads
The Bitcoin market continues to face challenges as its price struggles to mount a significant recovery, remaining below the $110,000 mark for much of the weekend. This stagnation has instilled fear among investors, leading the Fear and Greed Index to dip into the Fear territory, marking its lowest point in five months. The future direction of Bitcoin’s price is pivotal for the entire market, positioning it at a critical decision point.
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Bitcoin’s Price at a Make-or-Break Level
According to crypto analyst Weslad, who shared his insights on the TradingView platform, Bitcoin is currently at a crucial juncture. This pivotal point lies within a significant supply zone, where strong selling pressure could lead to a swift rejection.
Weslad notes that Bitcoin’s price remains above the key demand zone of $106,269-$108,715, which is a bullish indicator. Historically, this zone has been a stronghold for Bitcoin bulls, often acting as a springboard for upward trends. To sustain the primary uptrend, bulls must maintain control over this demand zone. Should they succeed, a robust bounce and breakout could propel Bitcoin toward its all-time high, surpassing $124,000.
Looking beyond this point, Weslad suggests that a successful rally could drive Bitcoin’s price toward the $135,627-$139,616 target zone, representing a potential gain of over 20%.
Potential for Bears to Regain Control
Despite the bulls’ efforts to uphold the primary uptrend and keep Bitcoin’s price above the $106,269-$108,715 demand zone, bears still pose a threat. Weslad highlights the recent rejection from the $117,000 supply zone as evidence of continued seller activity in the market.
Should selling pressure persist, Bitcoin’s price could face further downward pressure, jeopardizing the key demand support. If bears manage to breach the $106,269-$108,715 demand zone, Weslad anticipates continued struggles for the cryptocurrency.
A further downtrend could trigger a 10% crash, potentially pushing Bitcoin’s price down to $98,384, breaking the psychological $100,000 level for the first time in over three months.
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