
Bitcoin prices fell by over 3% over the past week as the wider crypto market suffers from a general price correction affected by macroeconomic pressure. Noteworthy is the main Cryptocurrency now over $ 104,000 representing an estimated 7% decline from its new maximum time of $ 111 970. In the midst of what may still be a pure correction, market analysts Daan Crypto has emphasized a support zone with strong potentials to stop someone Additional price decline.
$ 97,000- $ 99,000 appears as key BTC price level
Short X post On May 31, Daan Crypto has shared a cautious view of Bitcoin in the middle of an ongoing price correction. The analyst notes that if Retracting remains until June, Bitcoin is likely to fall to about $ 97,000 $ -99,000 where it can find a credible market resistance.
Daan Crypto’s selection of this price range as the next major support level for bitcoin originates from a confluence of technical indicators. As can be seen from the diagram below, the price region of 97,000 and $ 99,000 intervals for Bitcoin trading channel represents between $ 90,845 and $ 108,386, along with host for 200-day sliding average and 0.382 Fibonacci retracement level.
The intermediate area in a trading channel usually acts as an important level of support or resistance, depending on where the price is relative. In the middle of Bitcoin’s price correction, the current $ 97,000-$ 97,000 intermediate area represents the next big price floor for the main Cryptocurrency-a decisive price fall during which would signal a Bais Prize end.
At the same time, the 0.382 Fibonacci retracing level represents a healthy market correction zone, which means that prices are generally withdrawn to this area before resuming the first trend. In addition 200 days ma is a long -term indicator on average market closure price in the last 200 days. It also serves as a level of support under haussearted trends that act as a regular reconsideration level before the price continues a trend.
In general, all three indicators suggest that the $ 97,000-99,000 would serve as a healthy technical support zone, the Bitcoin Prize should dip further. However, the loss of the support zone would threaten Bitcoin’s hausse -like potential with the next level of support set at approximately $ 94,000.
Bitcoin price overview
At press time, Bitcoin deals with $ 104,650, which reflects a small price increase of 0.14% on the past day. Premier Cryptocurrency also reports a monthly profit of 7.21% which indicates that the majority of new market participants remain in profit. However, the weekly decline of 2.86% indicates that there is a need for resuscitation in market demand to stop a creeping Baisseish sentiment investment.
Image from Pexels, Chart from TradingView

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