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bitcoin (btc) has not been able to recover the resistance of $ 84,000 again and has fallen 4% to re -test another crucial support zone. Some analysts suggested that the cryptocurrency rally will be determined by its weekly closure, which could see btc accidents or rise to new levels.
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bitcoin hit the $ 84,000 wall
After losing the support zone of $ 84,000- $ 86,000 on Sunday, bitcoin has not been able to claim this level. The bad cryptography has returned to 11% again in the last week, briefly falling to a minimum of 4 months of $ 76,600 on Monday.
Since then, the price of btc has been around the range of $ 80,000 and $ 84,000, it is not broken above the upper range of the range during the last four days. Jelle cryptographic analyst <a target="_blank" href="https://x.com/CryptoJelleNL/status/1900204613338382640″ target=”_blank” rel=”nofollow”>noted that this level of resistance has been a key level during the first half of March.
In particular, the $ 84,000 mark served as an important rebound level during the start of the start of the month and correction, and “recover it will make all the difference for how the rest of the month is going.”
bitcoin has tried to recover this level in the last 24 hours, rising to $ 83,900 on Thursday morning. For the analyst, a recovery of $ 84,000 could boost the price to the ranking after the elections, and the things “would become really interesting.”
Ali Martínez said that the largest supply barrier for bitcoin is in the range of $ 95,000, where 1.2 million investors bought 726,000 btc.
He also noted that the largest cryptocurrency for market capitalization is consolidating within an ascending triangle, which could lead to a 9% increase to the $ 90,000 mark if it breaks above $ 84,000.
However, btc could not claim this key resistance and turns on the $ 80,000 support zone. Jelle warned that “bulls need to defend the current area, or this could in cascade towards the seventy high once again.”
Is the btc cycle up or down?
Ted Pillows suggested that btc is ready for another advantage, since its price action resembles previous actions. He stressed that bitcoin has had its line of ascending support trend as in 2017 and 2020, which “shows that the cycle is not over yet.”
Based on this historical performance of prices, the analyst considers that the cryptocurrency could re-evaluate the support of $ 72,000- $ 74,000 before a local fund is filed. “After that, there will be some consolidation followed by the next stage,” he explained.
crypto Titan Merchant <a target="_blank" href="https://x.com/Washigorira/status/1900130868984684879″ target=”_blank” rel=”nofollow”>pointed To a possible reversal, since btc is “showing background signs in the weekly table” with the relative force index (RSI) as a support, an upward RSI Crossover of RSI overtime and the price in the Bollinger Lower band. He also noted that btc's price action resembles the 2020 market structure before a large break.
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Meanwhile, Nebraskangoner analyst <a target="_blank" href="https://x.com/Nebraskangooner/status/1900214355779551265″ target=”_blank” rel=”nofollow”>affirmed
The analyst explained that the cryptocurrency has respected the “distribution, accumulation and instantaneous reversal” levels in each btc Bear market. If bitcoin remains “historically predictable,” the cryptocurrency could fall to levels not seen since the late 2023 and early 2024.
At the time of writing this article, btc is quoted at $ 80,810, a decrease of 3.4% in the daily period.
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