A generally followed crypto analyst sketches two possible routes bitcoin (BTC) after bouncing a large level of support.
In a new thread, Crypto trader Justin Bennett tells Are 115,700 followers on the social media platform X that the “crunch time” is for the top crypto asset per market capitalization after repairing a dip, and noted that it could fall below $ 100,000 if BTC Bulls did not pop up.
“Summary: BTC failed in May at $ 110,000 and $ 106,600 [and hit] $ 100,000 on Thursday. We had the Asia session back to $ 104,000 as expected. Now fill Bitcoin the $ 97,000/$ 98,000 imbalance? Or can Bulls win this area of $ 104,000 $ 105,000? Crunch time. “
Bennett too said That the Digital Activum flagship that bounced $ 100,000 to reach $ 104,000, a bullish scenario was that would probably send BTC above $ 106,000.
“There you go. Nice bouncing of $ 100,000 support. So far look pretty bullish. $ 104,000 $ 105,000 is resistance today. A recovered would be Bullish back to $ 106,600, but it is resistance until it is otherwise proven.”
Bennett also notes that other factors can influence the price of BTC, such as how the US stock market Does it and the Dominant levels Van Tether (USDT), the largest stablecoin in the world per volume.
“Almost there, fam. The same target and path that I shared for crypto on 21 May. I am not saying that Tether will be the bottom for BTC at 5%, but there should be a strong reaction in that area if it is tested. Remember that USDT [dominance] Bitcoin moves reversed. “
Bitcoin acts for $ 105,202 at the time of writing, a fractional increase in the day.
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Featured image: Shutterstock/Vvaldmann/Konstantin Faraktinov