Bitcoin (BTC) Price: Why This Analyst Warns Of Potential Crash
The post Bitcoin (BTC) Price: Why This Analyst Warns Of Potential Crash appeared on BitcoinEthereumNews.com. Over the last couple of days, Bitcoin (BTC) price has observed an uptrend, igniting hope among traders and enthusiasts alike. It recently surpassed the $100K mark and at the time of writing it was trading at $104,629.84. The market capitalization was $2.09 trillion, and the 24-hour trading volume was up by over 53% reaching$55.02 billion. Bitcoin Stats | Source: CoinMarketCap According to DefiLlama’s statistics, Bitcoin is seeing increased use in the world of decentralized finance. On May 18, the TVL for Bitcoin DeFi was $6.251 billion which is 0.47% higher than the figure from 24 hours before. The network received $7.26 million in daily fees, $11,385 through its applications and had over 740,000 active users. BTC TVL Data | Source: DeffiLlama BTC Price Long-Term Resistance Zone Revisited on Weekly Chart TradingView’s weekly chart by experts showed that Bitcoin (BTC) price was pressing against a resistance that was challenging for it in the past. For over a year, the chart’s red zone which spans $105,000 to $108,000, has stayed as a ceiling for prices. In the past, each time prices reached this level, they could not hold and corrections became significant. 1-week BTC/USD Chart | Source: X The downward-trending line that started at the November 2023 peak is touching the present prices. Despite occasionally reaching this new price increase, Bitcoin has not been able to continue rising above it, meaning this remains an obstacle for explosive growth. May 18 saw the BTC/USD pair open at $104,080 and later fell to $100,810, but it quickly recovered. Recently, Bitcoin price was seen just above a support band at $105,000 and slightly below a resistance band at $108,000. After April, BTC price was confined to a rising channel that pushed it from $80,000 up to where it is now. Nevertheless, the ongoing growth in…
The post Bitcoin (BTC) Price: Why This Analyst Warns Of Potential Crash appeared on BitcoinEthereumNews.com.
Over the last couple of days, Bitcoin (BTC) price has observed an uptrend, igniting hope among traders and enthusiasts alike. It recently surpassed the $100K mark and at the time of writing it was trading at $104,629.84. The market capitalization was $2.09 trillion, and the 24-hour trading volume was up by over 53% reaching$55.02 billion. Bitcoin Stats | Source: CoinMarketCap According to DefiLlama’s statistics, Bitcoin is seeing increased use in the world of decentralized finance. On May 18, the TVL for Bitcoin DeFi was $6.251 billion which is 0.47% higher than the figure from 24 hours before. The network received $7.26 million in daily fees, $11,385 through its applications and had over 740,000 active users. BTC TVL Data | Source: DeffiLlama BTC Price Long-Term Resistance Zone Revisited on Weekly Chart TradingView’s weekly chart by experts showed that Bitcoin (BTC) price was pressing against a resistance that was challenging for it in the past. For over a year, the chart’s red zone which spans $105,000 to $108,000, has stayed as a ceiling for prices. In the past, each time prices reached this level, they could not hold and corrections became significant. 1-week BTC/USD Chart | Source: X The downward-trending line that started at the November 2023 peak is touching the present prices. Despite occasionally reaching this new price increase, Bitcoin has not been able to continue rising above it, meaning this remains an obstacle for explosive growth. May 18 saw the BTC/USD pair open at $104,080 and later fell to $100,810, but it quickly recovered. Recently, Bitcoin price was seen just above a support band at $105,000 and slightly below a resistance band at $108,000. After April, BTC price was confined to a rising channel that pushed it from $80,000 up to where it is now. Nevertheless, the ongoing growth in…
What's Your Reaction?
