Bitcoin price exceeds $107,000 is ideal, but don’t be excited until this happens
Bitcoin’s price comfortably exceeds the $107,000 area, offering a bullish outlook for flagship encryption. Crypto analyst Daan Crypto Current BTC price action And reveals why market participants still need to be cautious.
Why investors need to be cautious about Bitcoin price action
exist X PostsDaan Crypto said Bitcoin Price Rally Driven by large permanents to push up last week’s highs. He told market participants to be cautious about such moves early this week. Analysts added that if the BTC price can be traded and held more than $107,000, it will show a lot of strength.
However, Daan Crypto believes that even Bitcoin price sold over $107,000. He said investors want to get rid of the fast open interest of cleaning resets increasing before they are really excited. His warning suggests that such permanently driven gatherings may be unsustainable and that BTC may correct at some point.
Crypto Analyst Kevin Capital Similar sentiments were also responded. exist X Postshe said, there is a lot of work to be done and investors should not be overly excited about the recent Bitcoin price rally. Analysts point out that it is great to feel optimistic and that the charts do look solid. But many “macro data across wires” have a long week. In line with this, he urged market participants to remain rooted and calculated.
Macro data on the horizon include US CPI datawill appear today. This can determine whether there will be any Fed lowering tax rates this year. At the same time, PPI inflation data will be released tomorrow, which may also affect the Federal Reserve’s decision.
BTC to $120,000 by the end of summer
exist X PostsCrypto analyst Titan recommends that by the end of the summer, the price of Bitcoin could exceed $120,000. He said the monthly charts indicate a potential surge in the macro trend line. If this momentum holds true, analysts will believe Bitcoin can target $130,000 for the gathering Before the fourth quarter of this year.
Crypto Analyst Mikybull Crypto tells Market participants prepare for Bitcoin price rally Golden Cross. He announced that the current price action is indeed a bear trap, indicating that BTC is progressing much higher.
At the time of writing, the price of Bitcoin has been trading around $109,400 in the past 24 hours. data From CoinMarketCap.
Featured Images from Getty Images, TradingView.com Charts
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