Crypto Analyst Justin Bennett, Bitcoin $86,724.40 He warned that the price could decline more than 8 %in the near future. According to information on the social media platform, Bitcoin has lost 2.2 %in the last 24 hours. Analyst pointed out that Bitcoin is moving towards the CME gap, which is compatible with the 2023 trend line.
Bitcoin Technical Analysis
The CME gap refers to the difference between Friday closing price and Monday opening price in Chicago Mercantile Exchange. Bennett said that this gap could put pressure on the price of Bitcoin and that the deficit that will close from $ 77,360 is an important technical indicator. According to the analysis, a certain relief may be observed in March, but if the closure of $ 92,000 in February cannot be achieved, the upper resistance may remain intact on the monthly graph.
Justin Bennett: “Bitcoin is trying to close the CME deficit. There may be a slight relief in March. However, if he cannot close February over $ 92,000, the monthly graph may be withdrawn. ”
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Tether Dominance and Market Analysis
Analyst closely followed Tether’s USDT.D graph, the percentage of market value. This graph shows the share of stablecoin on the market. He said that the rise to be experienced in USDT.D can show that investors swap their assets with USDT.
Justin Bennett said: “It is possible for Bitcoin to determine a support zone in March. The resistance level in the USDT.D channel is around 5.90. If 4.97 support levels are preserved, mild recovery signals may be observed in the market. ”
Bitcoin is evaluated in the light of price movements, technical indicators and support-reasons levels. According to the analyzes, it may be important for investors to closely follow these technical signals. Market dynamics may vary in long -term trends with short -term fluctuations.
The data offered can help investors understand the current course of the market. The analyst’s statements indicate that the technical analysis should be acted within the framework. Investors are recommended to carefully monitor market movements.
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 carry out their operations in line with their own research.
