Bitcoin (BTC) dipped below $100,000 for the second time yesterday, but has also recovered strongly. As a result, investors went into the weekend with a better feeling, but the currency is not yet out of trouble. Analysts still remain vigilant and eagerly await tomorrow.
BTC jumps up
The Bitcoin price started the day yesterday around $102,000, but around noon it dipped below the psychological limit of $100,000.
It was close to setting a new low. Bitcoin fell to $99,250, while $99,000 was the low reached last Tuesday.
From 2 p.m. the price climbed again and lasted until late in the evening. The coin briefly rose above $104,000, but Bitcoin has now been below $103,000 for some time.
Analyst CRG notes that Bitcoin has been rejected at Volume Weighted Average Price (VWAP). This is a technical level that shows the average of the price, weighted by trading volume. Traders often use it to determine whether the market is trading ‘above’ or ‘below’ the average sentiment.
Earlier this week, Bitcoin also failed to climb above this line. “We really need to regain this level before we can say with certainty that the bottom has been reached,” he writes.
Most important price levels for now
Analysts now mainly focus on the weekly price chart. According to Titan of Crypto, $103,500 is a very important level.
“A weekly close below this level is not dramatic, but a confirmed breakout to the bottom next week would indicate that the bull market is likely over,” the expert said. “We’re not there yet.”
For this week, the 50-week moving average is mentioned a lot. That line has previously provided support in this bull market and is now just below $ 101,000. In any case, we have to stay above that with the closure tomorrow.
Source: https://newsbit.nl/bitcoin-koers-herstelt-krachtig-na-nieuwe-crash-maar-is-er-nog-niet/
