BTC Although it exceeded $ 81 thousand, it is not yet clear whether this is a fake rise or not. For months, investors have seen the gains rapidly reverse as a result of many negative developments. Moreover, we have other important events ahead of us, such as the US midterm elections, and these are not in Bitcoin’s favor. You have to literally memorize 3 important levels.
Bitcoin 3 important levels
The 1-year MA will truly be the area where the decline ends and the bullish period is confirmed to begin. In today’s evaluation, On-Chain Mind pointed out 3 key data and invited investors to be cautious. Bitcoin It is currently facing a multi-layered wall of resistance and only the short-term investor cost of $78k has been gained for now. As a matter of fact, we wrote that STH exchange transfers increased today, meaning that short-termers have opened the sales mode.
- The Short-Term Realized Price for Investors (the breakeven point for recent buyers and the classic bear market rally killer) is $78,000.
- The 200-day moving average (the most followed trend line in the financial world) is at $83,000.
- The annual MA (the ultimate confirmation of the bull market) is at $90k.
“We are currently testing the lower levels. Historically, this exact intersection has ended many rallies. A clear acceptance above the yearly MA is what turns things around.” – On-Chain Mind
Despite the rise, Michael Poppe warns against possible corrections. However, the analyst, known for his extreme optimism, believes that the rise will continue despite intermediate corrections up to 93 thousand dollars.
“There is room for at least $86-88K and most likely up to $91-93K.”
Solana (LEFT)
After Drift Protocol was hacked SOL Coin The picture became even more pessimistic. However, BTC rise is positive. Despite all the negativities, Solana (SOL), which has been fluctuating in the 10% range for 3 months, may soon start a big movement. At least DaanCrypto argues that movement in the narrow range will lead to a breakout at some point.
“LEFThas been stuck in a range of around 10% for the last 3 months. The lowest volatility seen in years.
This situation will lead to a major movement sooner or later. Which direction the movement will take depends entirely on which side will break first.
If you ask me, this will not be a good opportunity to play against the move. “Once this squeeze is broken, we will probably see an increase of at least 20-30%.”
