Bitcoin $83,100.85 The movements below $ 92,000, which are considered as critical levels in the market, make investors uneasy. The prominent analyst Justin Bennett said that Bitcoin’s monthly closure below this level could bring serious correction risks. According to Bennett, Bitcoin’s price movements are in parallel with macroeconomic developments and the S&P 500 index, and the current structural weakness requires investors to be cautious.
92,000 dollars for Bitcoin critical level
Justin Bennett recalled that Bitcoin closed below $ 92,000 in February and stressed that it was critical to overcome this level until the end of March. Bennett said that this level could not pass the prices for 88,000 dollars and then to lower levels. Referring to the importance of the closing in February, the analyst thinks that investors should act carefully at the current price levels.
According to the analyst, Bitcoin prices recently tested an important resistance zone to recover around $ 81,500. Although the US inflation data is lower than expected, relaxation in the short term is seen in the short term, according to Bennett, the main focus is still the $ 92,000 level in February. For this reason, investors should closely monitor the price movements and manage their risks.
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Bitcoin and S&P 500 relationship should be followed
Justin Bennett reminded that Bitcoin’s price movements are historically in a close relationship with the S&P 500 index. Analyst said that the corrections that may occur in the stock market can increase the pressure on Bitcoin. According to Bennett, there has not yet been a clear bottom in the market, and this process may take some more time.
Bennett stated that investors should follow the stock markets closely in this period and that the market structure is still fragile. Analyst said that the major corrections that may be experienced in the US stock markets will play a decisive role on Bitcoin and suggests that investment strategies be carefully created. Bitcoin is traded at the level of $ 80,916 as of the date of writing and is experiencing a 3.2 %depreciation on a daily basis.
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.
