The largest cryptocurrency in the world was close to US $ 90,000 but then retreated. According to specialists, the signals show greater saleswoman.
The price of Bitcoin experience one Boldist pressure growing after a liquidation of US $ 359.7 million in long positions generated a change in market dynamics. The largest cryptocurrency in the world reached a maximum of three weeks near US $89,000 on March 24, but failed to consolidate that gain, finding strong resistance in the golden proportion of Fibonacci and in the EMA of 100 days.
According to specialists, from that point, the digital asset has shown a downward trend with maximum and minimum decreasing, which reinforces the signal of greater selling pressure. To this is added the impact of the forced liquidations of leverage positions, a phenomenon that usually intensifies the falls in the short term but that can also prepare the land for a recovery once the excess of leverage disappears from the market.
Bitcoin tests key levels
In today’s Asian session, Bitcoin fell 1.77%, located around US $86,100 in the early hours of the European day. Currently, the price tries for the third time in the week the exponential mobile socks (EMA) of 50 and 100 in the four -hour graph, a key technical level that could define the market management in the short term.
If the cryptocurrency fails to stay above the recent minimum of US $ 85,800, the next critical support is located at US $84,400. In addition, the Relative Force Index (RSI) in the framework of four hours has entered the bassist territory, which suggests a possible additional weakening.
On the other hand, If Bitcoin manages to stabilize at these levels, he could attract a renewed buyer interest. The possibility of a bull reversal will depend on the capacity of the asset to sustain themselves above these technical supports and generate sufficient demand to absorb the recent wave of sales.
Macroeconomic factors at stake
Bitcoin’s rebound slowed in the middle of a more stable macroeconomic context. Recent more moderate US inflation data and the reduction of tariff concerns have maintained appetite due to intact risk in traditional markets, which has reduced impulse to the growth of cryptoactive ones.
As Bitcoin faces this technical and fundamental crossroads, investors will be attentive to new developments that can define the next great market trend.
Source: Ambito
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