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Bitcoin in “Pain” Mode, Top Analyst Explains
In a recent update, renowned trader Gamza Khanzadaev highlighted the significance of the New York session’s low in his analysis. He emphasized that if Bitcoin is able to stay above this level, it may be an indication that passive bids are increasing, which could potentially support a future upward move.
However, falling below this low and encountering pressure from passive sellers would signify that the lower value has been accepted, leading to a more substantial correction.
This insight comes as Bitcoin (BTC) is currently in what Khanzadaev refers to as “pain” mode. He warns that traders should closely monitor key levels and pay attention to broader market cues for direction during this volatile phase.
It’s worth noting that the $98,000 level appears to be a crucial zone, and any support or failure to maintain it will significantly impact the market’s trajectory.
In his analysis, Khanzadaev emphasizes the importance of paying close attention to whether Bitcoin can find and hold support or risk entering a more significant pain mode with additional declines.
As we move forward in this uncertain environment, traders are encouraged to keep an eye on the development of events around key levels, as well as stay alert for any changes in market sentiment.
Source: u.today
