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Bitcoin in “Pain” Mode, Top Analyst Explains
Bitcoin’s recent struggles have led many to speculate about its future trajectory, and a top analyst has weighed in on the situation. The current market dynamics have left the cryptocurrency in what can be described as “pain mode,” with many traders questioning whether Bitcoin can continue its upward momentum.
In an interview, a prominent crypto analyst emphasized that the new low recorded during the New York session is crucial in determining the direction of the market moving forward. He pointed out that if Bitcoin manages to hold above this level, it could be a sign that passive bids are increasing, which would support a future upward move. Conversely, falling below this low and encountering resistance from passive sellers would indicate acceptance of the lower value, potentially leading to a more significant correction.
The expert also warned traders to keep an eye on whether Bitcoin can maintain its position within the value area, despite the $98,000 level appearing as a critical zone. Considering that both liquidity extremes have already been swept, the next move will likely rely on whether Bitcoin can find and hold support or face the risk of entering a more substantial decline.
For a clearer direction during this turbulent period, Bitcoin traders are advised to closely monitor key levels and pay attention to broader market cues.
Source: u.today
