Bitcoin finds support at $ 112,000: Can buyers pay BTC to $ 120,000 this week? star-news.press/wp

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Bitcoin may approach a local bottom after a price of 1.6 % of the support level of $ 112,000. Traders can wait until it exceeds 114.1 thousand dollars to confirm whether this reflection can be achieved.

Bitcoin (BTC) witnessed a 1.88 % decrease during the weekend. The fluctuation was silent compared to the end of the week, when BTC fell by 4.5 % in less than two days.

It was an early positive sign that Bitcoin was re -testing the demand area of $ 112,000, and was trading by 1.6 % at the time of the press.

source: Coinglass

The filter’s map showed that the magnetic region of $ 112,000 -114 thousand dollars was washed away. There was more liquidity to the south at 106.5 thousand dollars, but not every pocket needed to visit.

An example of this will be near the end of June, when BTC collected liquidity at 99.8 thousand dollars and jumped up instead of declining to $ 97,000, which was also a magnetic area.

The liquidity to the north was separate, but the 120,000 highlands were a potential goal of the price. This statement assumes that Bitcoin has formed a local bottom and is ready to pay up. Let’s discover if this is probably the case.

Evidence for the reflection of the direction of bitcoin

Source: BTC/USDT on TradingView

The time frame showed for 4 hours that the market structure remained declining. The weekend witnessed the trading volume less than the average and its flip, barely the conditions that inspire the reflection of the trend.

The price can be about 114 thousand dollars and continues the downside on Monday.

The thermal recycling map presented an argument against this idea. Likewise, some scales did on the chain.

source: Glass

The domains of the consumed output showed that it was the ages of younger ages that spend it in recent days. The scale visually classifies the BTC (laboratory) in one day based on the age of the coin before spending.

It was the 1 -month -old metal currencies that witnessed a wave of movement during the past two days, as prices fell to an area of 112 thousand dollars.

Middle -currency owners have not moved from 3 months to 12 months, especially compared to the earlier month.

This was a sign that the middle -term holders did not actively participate in the last sale.

source: Glass

Fear and greed index decreased sharply in the first two days of August. In June, the index went to the levels of fear and even touched shortly before recovery. A similar scenario can be revealed in the coming days.

In conclusion, he argued the heat map for liquidation that BTC may have made a local bottom.

The procedures and standards that are highlighted here are compatible, although they do not exclude the possibility of another simple decline of about $ 110,000-111 thousand dollars. In general, traders have a reason to prepare for the upscale swing.

The first sign of this reflection will come if Bitcoin Bulls succeeds in turning 114.1 thousand dollars to support it.