After touching US$93,000, it corrected to US$87,000, but with renewed momentum it recovered the lost ground.
Bitcoin reached a new historical record of more than $93,000 last Wednesdaydriven by optimism that digital assets could benefit from a more favorable regulatory environment following the victory of donald trumpand after a brief correction that reached the US$87,000, It is once again trading in the green and is one step away from recovering US$92,000.
Bitcoin could fall sharply before reaching US$100,000
Bitcoin continues above $90,000 as week-to-date gains approach 13% toward the weekly close. CryptoQuant contributor BaroVirtual warned, however, that the drop could reach $70,000.
The reason, he argues, lies in two moving average (MA) trend lines, now almost 20% apart. “The position of the price chasers (7d and 30d MA) indicates that we are seeing intense and healthy buying pressure on Bitcoin, which is a very positive sign,” the post stated.
“The thing is that the gap between fast and slow chasers is 19%, and this, in turn, leads to 2 possible scenarios: 1) Bitcoin Takes a Sideways Position in the $87,000 to $93,000 Range for Some Time and then continues its upward movement to the range of 104,000 to 120,000 dollars. We observe something similar from February to March 2024. 2) Bitcoin corrects lower to $71,000-$77,000 range, and there is a healthy market cooldown in betweenand then the local upward trend resumes.”
Source: Ambito
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