Bitcoin $96,171.63 priceThere was a serious withdrawal in the early days of this month. The price of the largest crypto currency between 1-5 February lost more than 5.62 percent. Currently, it has not been able to recover after the price correction. In the last seven days BTC price 1.9 percent fell. According to the famous analyst Ali Martinez, the price of Bitcoin may fall to 70 thousand dollars if the price falls below 92 thousand 110 dollars. Currently, Bitcoin’s price is 96 thousand 37 dollars.
Strong resistance in Bitcoin price: 97 thousand 530 dollars
At the beginning of February, there was a rapid decline in the Bitcoin market. Between 4-5 February, the largest crypto currency fell from 101 thousand 333 dollars to 96 thousand 607 dollars. As of February 6, the price is stuck in the range of 97 thousand 896 dollars and 95 thousand 791 dollars. According to the technical analyst Ali Martinez, a strong resistance in the Bitcoin market is around 97 thousand 530 dollars.
Exceeding this level may lead to the market to gain rise acceleration. If the price of Bitcoin clearly breaks the $ 97 thousand 530 dollars, a strong wave of purchase may occur in the market, which can take the price to higher levels. However, if the price does not exceed this level, sales pressure may increase and the risk of decrease may continue.
Analysts, $ 97 thousand 530 dollars may be a turning point for Bitcoin, he says. Exceeding this level may increase investor confidence and encourage new buyers to enter the market.
The price should not fall below 92 thousand 110 dollars
In January, the price of Bitcoin saw the lowest closing level of the year with 92 thousand 569 dollars. On February 3, the price fell to 91 thousand 238 dollars for a short time. According to Ali Martinez, the level of 92 thousand 110 dollars stands out as a weak support point.
If the price of Bitcoin falls below this level, the market may face a serious sales pressure. Moreover, there is a large price gap below $ 90,000, which may cause Bitcoin to fall up to 70 thousand dollars rapidly.
At the beginning of this year, on January 13, the price of Bitcoin fell to 89 thousand 305 dollars for a short time, but buyers quickly activated and withdrew the price to $ 94 thousand 545.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and perform their operations in line with their own research.
