As the week draws to a close, bitcoin continues to show signs of strength in its wake A staggering bump to $101,000 Price level last weekend. Later Days of great change And the heavy release of money in the market, the largest cryplocurren in the world was able to strengthen above this level, even reaching as high as $ 113,400 during the week.
In this case, crypto analyst tyrex share the x outlookstating that the worst of the afterburn is when bitcoin could just prepare for a higher surge back to $117,000.
Bitcoin’s price action underscores the thesis below
Treyx believes that Bitcoin’s Recurring defense of $108,000 In the $105,000 Zone it is a strong indication that the market has already given out. Throughout the week, price action remained in this critical area despite continued selling pressure. This means that there is a presence of strong support at this level.
Related reading
The analyst explained that if the correction was still allowed, Bitcoin would already be cheaper below $108,000. Instead, the constant acceleration and holding of this range suggests a bearish dose fatigue and multiple setup. Such strength after large drawdowns often increase strong recovery cycles in past Bitcoin market cycles.
According to Tyrex, the current Bitcoin consolidation phase forms the basis for the next leg higher. He pointed out that the price could rise to $117,000 in the future if the short-term resistance levels are cleared. The broader technical structure remains bullish, and many traders view last weekend’s crash as an overreaction to the index rather than long-term weakness. Momemum indicators also started to decline, and we saw renewed interest from both institutional traders and institutional traders heading into the week ahead.
Altcoins benefit from the power of Bitcoin
Tyrex also suggested that the broader crypto market will follow Bitcoin’s lead if it starts to move artificially higher. Most Altcoins followed Bitcoin’s crash last weekend and rallied. Edereum, Solana, and xrp all fell below Support levels as market sentiment has weakened.
Related reading
However, small goods It is starting to settle on the side of Bitcoinbecause of confidence among traders who expect the worst to be more. Treyx cautioned investors not to misinterpret the continued upward movement as a sign of further declines, noting that “the market is already dreaming.”
At the time of writing, Bitcoin is trading at $105,300. Leading New weekend, Bitcoin’s ability to close the week above $105,000 could set the stage for a break to $111,000 and $117,000. If this is the case, Tyrex’s guess that the resulting crash is designed to regenerate and build quickly may turn out to be accurate. However, failure to hold above $105,000 can lead to further declines.
Featured image from Pixabay, chart from TradingView.com
