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Bitcoin (BTC) increased nearly 5 % last week, and restored the main support levels during the past three days. The last bullish momentum has sent a BTC to a sign of $ 88,000, as some analysts point to a restoration of the previous price range that could be soon.
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Bitcoin recovery can lead to a 14 % increase
After rejecting the area between 84,000 and 85,000 dollars several times in the past two weeks, Bitcoin has regained this range during the weekend. The leading Crypto increased by 4.7 % over the levels of last week, with the week closed over the mark of $ 86,000.
During the at the beginning of the week, BTC was looking for a resistance of $ 89,000, reaching an increase every week of $ 88,765, but it failed to re -test the next decisive area with the slowdown in the bullish momentum. However, the cryptocurrency has retained its current group, as it hovers between the support zone, which ranges between 86 and 88,000 dollars during the past 24 hours.
Analyst Alex Clary confirmed that the Bitcoin momentum “looks great” to spend a holiday above 88,000 to $ 90,000, as the cryptocurrency is a difference in the RSI, V -shaped recovery, and has been broken over the resistance of the declining direction.
According to the position, the collapse and the restoration of the resistance level of $ 90,000, the decisive BTC jump between 8 to 14 % of the current prices to levels ranging between 95,000 and $ 100,000 in February.
Meanwhile, Dan Chipiro traded male Bitcoin “has not moved much in the past few weeks for SPX.” According to the trader, the BTC price has been linked to the S&P 500 (SPX) and “often moves alongside each other,” which may explain the emptying and the pioneering Crypto.
However, it is Assure This bitcoin is still trading “in a solid spot during this bounce,” indicating that the transition to its highest new local levels is possible if BTC maintains the current levels and restores the range of elections after the United States over $ 90,000.
BTC should keep this level at the end of the week
Amid the market recovery on Monday, analyst Rikt Capital warned that Bitcoin needs to close a weekly over $ 88,400 and 93,500 dollars to end the deviation period on the negative side.
The analyst has explained that over the past five weeks, BTC has been combined between the largest averages of the bull market (EMAS) and EMAS for 21 weeks and 50 weeks.
Prices recently approached EMA for 21 weeks, about $ 88,400, ready for “the main direction decision.” According to the analyst, Bitcoin needs a higher weekly closure of this level and re -test to target macro range.
“This was the careful emphasis that Bitcoin needed again in mid -2011 when the price decreased by -55 %,” noted Rekt Capital, indicating that “things can become volatile in the upward trend (besieging the FOMO buyer in the trendy wick) and negative prices (with the sale of sellers in the negative wick),“ if the date is repeated.
A weekly closure above it “can start a continuation of the bullish direction towards a decrease in the re -drawing range of $ 93,500.” Moreover, after regaining EMA for 21 weeks, Bitcoin will need a weekly closure of a low -fertilized re -drawing range to “re -synching with the domain”.
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Nevertheless, it has warned that “a half -half -re -accumulation has shown that a simple weekly weekly closure exceeds 93,500 dollars that may not be enough” because it will need to be “a successful re -test after violating the scope of re -drawing” to confirm the reintegration with the scope.
He concluded that the failure to re -test and confirm new support may cause the BTC to lose this decisive level and deviate to the negative side again.
Distinctive photo of Unsplash.com, Chart from Tradingview.com