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Bitcoin price recently tried to reclaim the support level at $96,400 after breaking above the $96,400 level. Downtrend line. One cryptocurrency analyst emphasized the importance of this support level Next Bitcoin price riseas it could pave the way for a potential retest above the all-time high of $100,000 (ATH).
Bitcoin price retests $96,400 to lead to a rise to $100,000
Leading cryptocurrency analyst Rekt Capital moved to X (formerly Twitter) on December 4 Tells He updates his 518,000+ followers on Bitcoin’s current price action and future trend. The analyst suggested that if Bitcoin successfully tests the $96,440 support level, it may be able to Provoking price increases To $100,068.
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Sharing the price chart, Rekt Capital revealed that Bitcoin has continuously retested a series of lower highs, making it a… Main support level. In his Bitcoin price chart, “lower highs” means that each successive high point is lower than the previous one. This development is usually observed during a downtrend. However, with Bitcoin now treating these lower highs as support, this signals a potential shift in the market, suggesting that prices may stabilize next. decrease.
Rekt Capital also highlighted that Bitcoin is producing longer bearish wicks, suggesting that its price has declined significantly over the time frame, but Buyers intervene. The analyst confirmed that Bitcoin is currently holding liquidity at low prices without breaking below the major support trend line.
A liquidity grab occurs when large amounts of orders are activated at key price levels unexpectedly. In the case of Bitcoin, the term “liquidity grab” refers to the market falling to levels where… Purchase orders are collectedallowing big players to execute trades.
Rekt Capital revealed that as long as this trend continues, Bitcoin will eventually move higher to reclaim the $96,440 level. Regaining this crucial support will allow Bitcoin to reach and even outperform $100,000 teacher.
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Bear scenario in Bitcoin
Looking at the price chart provided by Rekt Capital, several support levels are highlighted, indicating the price levels to which Bitcoin could fall if it fails to reclaim the $96,440 mark. While current Bitcoin price movement Noting that it is likely to reach $100,000, the analyst suggested that if the leading cryptocurrency fails to hold the $96,440 support, it may retest a lower support level of around $91,070.
As marked by the red line on the price chart, $91,070 is a critical price level for Bitcoin. If the cryptocurrency also falls below this level, this could happen Crash to new lows About $87,325. As of the time of writing, Bitcoin is trading at $96,737, representing a 3.24% increase over the past week. A drop below the $87,300 level would represent more than 10% of Bitcoin’s current value.
Featured image created with Dall.E, chart from Tradingview.com
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