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Bitcoin (BTC) in ‘Pain’ Mode, Top Analyst Explains
The cryptocurrency market has been experiencing significant volatility lately, with major assets like Bitcoin (BTC) struggling to maintain their value. In his latest analysis, renowned crypto analyst Arman Shirinyan pointed out that Bitcoin is currently in a “pain” mode, signaling potential difficulties for the asset’s future movement.
According to Arman’s findings, the current price action of Bitcoin suggests a lack of clear direction and stability. He emphasizes the importance of maintaining a cautious approach while monitoring key levels and broader market cues.
In his analysis, Shirinyan highlights that the New York session’s low holds significant significance as a level above which Bitcoin is currently trying to break out from. If the asset fails to maintain its position within this value area and breaks below it, he warns of potential further declines, which could trigger increased pressure from passive sellers.
As the market remains unpredictable at this stage, traders are advised by Arman to keep a close eye on key levels and overall market trends for a clearer direction.
Source: u.today
