Bitcoin Breaking $117,000 Could Trigger Parabolic Rally – Analyst
This is another turbulent trading week for the Bitcoin (BTC) market, with losses and returns almost equal. According to CoinMarketCap, Bitcoin’s revenue between $95,000 and $98,000 introduces a strong merger zone. But, popular crypto analyst Burak Kesmeci pointed out that the key level of the Prime Minister’s cryptocurrency is within this price range.
The Bitcoin Key Level Worth Watching – $94,000 Support vs $117,000 Resistance
exist X Posts On February 14, Burak Kesmeci shared an interesting technical analysis on the BTC market, highlighting two key areas that can determine the direction of short-term price.
One of these key areas is the 1.6 golden ratio multiplier currently at $117,000. 1.6 The Golden Ratio Multiplier is an evaluation tool used to identify important resistance zones in a bull market. So, Kesmeci assumes that if the Bitcoin futures market closes above $117,000, spot traders can expect the bulls to rediscover their form, resulting in an immediate uptrend.
The second important price zone identified by Burak Kesmeci is the 111-day moving average (111DMA) currently at $94,000. 111DMA is a commonly used mobile price average indicator that usually acts as a key dynamic support level during bull runs.
Therefore, in the futures market, the weekly or daily price below $94,000 is below $94,000, which will put strong bearish pressure on Bitcoin, converting Bitcoin into an instant price decline. According to Kesmeci’s assumption, Bitcoin may soon break through its current merger zone to register any significant price transfers.
Bullish factors that may support price breakthroughs include increased ETF inflow and interest in corporate cryptocurrencies, as well as substantial progress in the new Pro-Crypto agenda in the United States. On the other hand, investors should be concerned about variables such as negative macroeconomic developments, such as interest rates at the AFC, especially given the recent increase in U.S. inflation.
BTC Exchange inflow rate reaches $1 billion – price drops?
In other news, analytics website intotheblock Report The inflow of the Bitcoin market exceeded $1.3 billion and the net inflow of $1.04 billion. Typically, large-scale exchange inflows are interpreted as bearish signals, as investors may be moving their assets in preparation for sale on the exchange.
At press time, the leading cryptocurrency continued to trade at $97,653, reflecting a 0.50% increase in the past 24 hours. However, its daily trading volume collapsed by 12.80%, and is currently worth $32.29 billion. With a market capitalization of US$1.93 trillion, BTC continues to rank as the largest digital asset.
