Consequently, a weekly or daily price close below $94,000 in the Futures market will invite a strong bearish pressure on Bitcoin translating into an immediate price dip. Based on Kesmeci’s postulation, Bitcoin will likely soon break out of its current consolidation zone to register any significant price movement. Bullish factors that may support a price breakout include an increase in ETF inflows and corporate crypto interest, as well as substantial progress in the US’s new pro-crypto agenda.
Analyst Says Breaking This Price Level Could Spark Significant Volatility Bitcoin Key Levels To Watch – $94,000 Support Vs.$117,000 Resistance In an X post on February 14, Burak Kesmeci shared an interesting technical analysis on the BTC market highlighting two key zones that could decide the short-term price direction.
In other news, analytics site IntoTheBlock reports the Bitcoin market recorded an inflow of over $1.3 billion resulting in a net inflow of $1.04 billion. Generally, massive exchange inflows are interpreted as a bearish signal as investors are likely moving their assets in preparation to sell on the exchange.
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