Key Points:
Bitcoin needs to close above $114,000 for the week to avoid a deeper pullback and confirm bullish strength.
Failing to hold above $112,000 and breaking down from a bearish flag could trigger a price drop to $103,700.
According to traders and analysts, if Bitcoin (BTC)/USD closes above $114,000 this week, it may avoid further sharp declines.
Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin's price has fallen for the third consecutive week, down 11% from the all-time high of $124,500 set on August 14.
The chart below shows that Bitcoin has fallen below the key level of $114,000, which has provided price support over the past six weeks.
Trader and YouTuber Sam Price noted that the BTC price must turn this level into support to confirm the strength of the upward trend.
Price stated on the X platform on Thursday: "Bulls are firmly holding the $109,000 support level," and added:
The long lower wick below $109,000 shows "strong buying pressure," indicating that bulls are actively defending this support level.
Analyst Rekt Capital believes that Bitcoin needs to reclaim $114,000 and turn it into support to avoid a prolonged pullback.
The analyst stated on the X platform on Thursday: "If $114,000 becomes a new resistance level, it will extend the pullback cycle," and added:
Cointelegraph reports that the key for Bitcoin's price movement is to hold above $112,000.
According to Michael van de Poppe, founder of MN Capital, on Thursday, when Bitcoin trades at $112,800, the $112,000 support is crucial for BTC's price.
As of Friday, Bitcoin has fallen below this support level, and the bearish flag on the four-hour chart has been validated. (See chart for details)
The bearish flag indicates a continuation of bearish momentum, with the market being dominated by bears.
Notably, the price fell back after encountering resistance at the upper trendline of the flag (around $114,000) and broke below the lower trendline, coinciding with $112,000.
The target for this technical pattern points to $103,700, a 6% drop from the current level.
The relative strength index remains below the midpoint, further confirming the bearish trend.
Liquidation data shows that the buy order accumulation area extends down to $104,000, indicating that BTC's price may further explore this area to absorb liquidity.
Related: Bitcoin whales push BTC price down to $109,500, market "wobbles" ahead of U.S. PCE data release.
Original: “Bitcoin Traders Warn: BTC Must Close Above $114K This Week to Avoid 'Deep' Pullback”
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