Analyst Justin Bennett, known as one of the closely followed names of the crypto money market, Bitcoin $105,309.73After the recovery of a significant support point, he focused on two main scenarios for the coming period. Analyst made evaluations on Bitcoin’s latest price movements and possible future aspects.
Latest price movements in Bitcoin
According to Justin Bennett, Bitcoin could not hold at the level of 110,000 and $ 106,600 in May and fell to $ 100,000 last day. After this decline in the price, Bitcoin recovered for 104,000 dollars as expected during the Asian session. Currently, it is discussed whether Bitcoin will close the imbalance between the $ 97,000-98,000 $ 97,000-98,000, or whether the bull movements can get back the level of $ 104,000-105,000.
Justin Bennett: “BTC failed at $ 110,000 and $ 106,600 in May, then saw $ 100,000 on Thursday. In the Asian session, we recovered to $ 104,000 as expected.
Bennett considers Bitcoin’s rise from $ 100,000 to $ 104,000 as a positive development. Noting that the range of 104,000-105,000 dollars is the level of resistance for today, Bennett said that if this level is recovered, the price could rise up to $ 106,600.
Justin Bennett: “We have seen a nice recovery from $ 100,000. The appearance is positive for now. 104,000-105,000 dollars is the resistance level of today. The recovery of this area can direct the price to $ 10600, but until then it continues to be resistance.”
Market dynamics and other factors
Analyst said that the price of Bitcoin is not only dependent on technical levels, but that developments in the US stock markets may also have significant effects. Bennett also stated that the changes in Tether (USDT), known as the largest stable crypto asset compared to market volume, may also be effective on the price of Bitcoin.
Justin Bennett: “I shared the same target and road map on May 21st. Tether can not say that if the dominance of Tether reached 5 percent, this will be the base for Bitcoin, but a strong response in this field can be expected.
Investors are cautious because market movements and some indicators are decisive on the price. With the combination of technical levels and global financial developments, uncertainties in the short term stand out.
According to the news, Bitcoin is traded for $ 105.202 while preparing the article and it is stated that it exhibited a little increase in the short term. Although market dynamics have changed constantly, it is seen that analysts focus on the main support and resistance levels in the near term.
Although there are different expert opinions on the subject, it is observed that sudden changes in Bitcoin price causes investors to reconsider their strategies. Investors are currently closely monitoring the range of $ 104,000-106,600.
The general attitude in the market is shaped by the expectation that the above mentioned technical levels will be broken. In addition, the behavior of Tether, the stable asset, and the movements of the US stock markets have the potential to affect the process closely.
Bitcoin’s recent price movements, significant support and resistance levels play a decisive role. Experts, Tether dominance and global market dynamics may also be effective on the price, he says. According to technical analysis, how the price will react from these levels will reveal the course of the next period and will be a guide for investors.
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.
