Bitcoin (BTC) $86,724.40In November, exceeding the level of 73 thousand 835 dollars, opened the door of a new bull period. However, in recent weeks, the price fell over 15 percent and approached this level again. The “break and re -test” movement, which is common in technical analysis, shows that Bitcoin can be on the verge of a new rally by gathering its power from this level.
Bitcoin technically returns to support level?
Prices usually re -test these levels after passing significant resistance levels in financial markets. Bitcoin may also tend to re -test the $ 73 thousand 835 dollars broken in November 2024.
This movement can be explained at the desire to protect the earnings of the market participants. Since investors generally tend to avoid risk, they make profit intake after exceeding a certain level. As a result, the price decreases and the new buyers can trigger a larger rise by activating.
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This model has previously worked for Bitcoin. In the third quarter of 2023 and in the August-September months of 2020, similar breaks and re-test movements brought the price to new peaks.
Can prices go up again?
The level of 73 thousand 835 dollars may function as a critical support point. The purchase of market participants from this level may trigger a new rise movement. However, if such a recovery is not seen, the price may be dragged into a deeper decrease.
Similar movements were seen in traditional markets. Japanese 10 -year state bond return in January 2024 Binary Dip Formation After creating, he re -tested and then rose. Similarly, the Australian Dollar/US Dollar (AUD/USD) parity dangled below the critical support level of 2023 and then re -tested this level. However, it was the scene of a harder decline.
Currently, the critical threshold in Bitcoin is 73 thousand 835 dollars. Staying above this point can carry the price again to the level of 100 thousand dollars and beyond. However, if this support is broken bear marketThere is a risk of returning.
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.
