Bitcoin’s price has been bouncing around lately, showing both gains and losses. But one analyst, Burak Kesmeci, sees some key levels that could determine where it goes next.
Key Price Levels to Watch
Kesmeci points to two crucial price points:
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$117,000 Resistance: This level, based on a technical indicator called the 1.6 Golden Ratio Multiplier, is a potential major hurdle. If Bitcoin’s futures price closes above this, Kesmeci predicts a strong rally.
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$94,000 Support: This is the 111-day moving average, often a support level during bull markets. A close below this could trigger a significant price drop.
Basically, Bitcoin’s stuck in a holding pattern, and breaking either of these levels could signal a big move.
What Could Push Bitcoin Higher or Lower?
Several factors could influence Bitcoin’s price:
Bullish Factors:
- Increased investment in Bitcoin ETFs and from corporations.
- Positive developments in US crypto regulation.
Bearish Factors:
- Negative economic news, like further interest rate hikes by the Federal Reserve.
- Rising inflation.
A Billion Dollars Flowing Into Exchanges – A Warning Sign?
A recent report shows over $1 billion worth of Bitcoin flowing into exchanges. This is often seen as a bearish sign, as it suggests investors are preparing to sell.
Current Bitcoin Status
At the moment, Bitcoin is trading slightly up, but its trading volume is down considerably. It remains the biggest cryptocurrency by market cap. Whether it breaks through to new highs or falls back depends on which of Kesmeci’s key levels it breaks first.
