- Bitcoin fails to break above the supply zone once again.
- This results in the price of BTC dropping to the $118,000 price range.
- Bitcoin is expected to recover and rally towards new ATH targets.
The pioneer crypto asset Bitcoin (BTC) experiences a price fall after just setting a new ATH at the $124,000 price range . In detail, Bitcoin fails to break above the supply zone once again, as noticed by one reputed crypto figure. This failure has caused the price of BTC to experience another deep dip, back to the $119,000 price range. What must BTC accomplish before it can surge to new highs again?
Bitcoin Fails to Break Above the Supply Zone Again
The price of the pioneer crypto asset, Bitcoin (BTC), went on to set a new ATH yesterday at $124,457.12. This was just slightly higher than Bitcoin’s previous ATH in the $123,000 price range. Analysts, investors, and traders were expecting BTC to continue this trend and hit a much higher ATH price, as expected by most BTC price predictions. Instead, the price of BTC fell significantly to the $118,000 price range.
This was disappointing for the crypto community, to say the least. Especially because most experienced analysts set the next ATH price range between $130,000 and $135,000, before higher targets could come to be. Instead, the price of BTC saw another fall and is not showing any signs of a speedy recovery at the moment. Amidst the disappointment, one analyst shares why this dip occurred.
As we can see from the post above, the price of BTC seems to have experienced another failed breakout above the supply zone. As the analyst goes on to explain, bias remains neutral to bearish short-term unless BTC can get a clean flip of the red box to the upside, as shown on the arrowed path in the image shared with the post. Precently, BTC price is just chopping inside the Monday range — swept the highs earlier, and now swept the lows.
He then goes on to state that if the Monday low can hold on the 1-hour timeframe, he’d expect a move back toward the red box at least around $121,000 FVG left on this move down. While he says to expect a downward chop for BTC price to continue, he also states that only a clean flip of the $120,000 can accelerate the next leg into price discovery for the pioneer crypto asset.
Bitcoin Long-Term Trendline Setup
Lastly, the analyst adds that $114,700 is his first level of interest in case of a deeper pullback. This statement could work well with what the analyst in the post above mentions. As the post depicts, this analyst shares a chart and highlights a Bitcoin long-term trendline. Here, he states that BTC has reached its long-term trendline, a level worth keeping an eye on. Weekly RSI suggests there could still be some upside, but this is an important technical point to watch.
