Crypto King
06/03 07:26
Bitcoin (BTC) has stalled around the $105,000 mark
Bitcoin (BTC) has stalled around the $105,000 mark as it struggles to cross the 20-day SMA. The flagship cryptocurrency has failed to regain momentum after registering a substantial decline last week, turning bearish after hitting a new all-time high on May 22. Analysts believe a bearish turn was likely after BTC’s rally as holders wanted to realize massive profits. As a result, profit-taking and buyer exhaustion took the wind out of BTC’s rally. With bearish sentiment growing, BTC could drop to $100,000 or lower as it enters another accumulation phase after a short-lived price discovery phase. The accumulation is visible on BTC’s hourly chart, showing the cryptocurrency consolidating between $103,000 and $105,000.
One pseudo-anonymous analyst explained BTC’s price action over the past few weeks, stating that the flagship cryptocurrency has exhibited a textbook accumulation phase, partly responsible for pushing BTC to a new all-time high. The analyst revealed that BTC was experiencing more compression as it moved higher, reaching higher lows while resistance remained flat. Simultaneously, selling pressure had waned, putting buyers in control of the price action.
Analysts believe recent price action supports a decline to $100,000 or lower. However, if this happens, it could be an ideal opportunity to buy, as the area below $100,000 could attract liquidity, helping BTC bounce and start another rally.
“This potential pullback should not be viewed solely as a sign of weakness. In many bull cycles, such corrections and shakeouts serve to flush out over-leveraged positions and reset sentiment, ultimately laying the groundwork for renewed upward momentum.”
BTC registered a dramatic plunge on Friday, losing momentum after reaching a new all-time high a day prior. The flagship cryptocurrency fell nearly 4% to $107,356. Despite the overwhelming selling pressure, BTC recovered over the weekend, rising 0.46% on Saturday and 1.16% on Sunday to cross $109,000 and settle at $109,103. The price registered a marginal increase on Monday but was back in the red on Tuesday, falling 0.46% to $108,954. Sellers retained control on Wednesday as BTC fell 1.03% to $107,834. Bearish sentiment intensified on Thursday as the price dropped over 2%, slipping below the 20-day SMA and settling at 105,662.
Price action remained bearish on Friday as BTC fell 1.51%, slipping below $105,000 and settling at $104,067. Despite the overwhelming selling pressure, BTC recovered on Saturday, rising 0.69% to settle at $104,784. Bullish sentiment intensified on Sunday as BTC rose almost 1% to reclaim $105,000 and settle at $105,775. However, the price lost momentum during the ongoing session as it struggled to build momentum and cross the 20-day SMA. BTC could slip to $100,000 or lower if the current bearish sentiment persists.
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