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Bitcoin (BTC) tried to recover the resistance level of $ 108,000 again, but was faced with a rejection at the beginning of the third quarter (Q3), which led certain market observers to suggest prudence for the coming months.
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Bitcoin has a crucial scope
The Bitcoin price ended in the second quarter with a retention of the barrier of $ 108,000 before being rejected and closing the second quarter and June in the $ 107,140 zone, its highest monthly fence in history.
Despite the positive performance, the flagship crypto started in July with a decline towards $ 105,000, reaching a low week of $ 105,623. Analyst Rekt Capital said that this suggested that the BTC post -ist retain is underway, which would strengthen the case of cryptocurrency for another step.
The analyst previously explained that Bitcoin needed a weekly fence above the support of $ 104,400 after having lost it, because the recovery of this area would solidify its price recovery and position the cryptocurrency for a retest and a confirmation of this level.
In addition, he would continue to build his base around this area to move on to the second trend upwards. According to Tuesday’s analysis, the new weekly fence suggests that Bitcoin is positioned for another post -ist retest.
The analyst has also noted that in the last 40 days, BTC broke out of two trends down 2 weeks but was rejected from the crucial 6 -week decreasing trend around the bar of $ 108,000 during the same period.
Sjuul d’Altcryptogems noted the rejection of this level, claiming that “it is compulsory for bulls to intervene quickly and not to allow the price of having too much dive”. The flagship crypto needs a “strong rebound in the most important level of support and resistance, at $ 106 to 104,000”, which he temporarily held.
For the analyst, the fact of not holding this area would open the door to a larger decline, risking a drop in macro support between $ 101,000 and $ 102,000. He highlighted a big gap between the current support zone and the macro support, which was formed on the recent recovery in prices.
BTC risks a massive drop in the third quarter
SJUUL pointed out that below the support of $ 101,000, “there is not much to defend the price of the fall much lower”, adding that the “historic quarterly return of the BTC for the third trimester was not great, which adds an additional caution to the image that we have drawn from the graph.”
Likewise, Daan Crypto Trades said that historical data show that Q3 is generally the slowest period for Bitcoin and Ethereum (ETH) due to decreasing activity, volume and liquidity during the summer months.
He added that, at the beginning of a new quarter and a month, BTC will probably see a “jerky start”, but Bitcoin is still consolidating in its current range and its descending channel, suggesting that investors should give it time to “play and monitor confirmations” of the direction it will take for the rest of the month.
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Nevertheless, analyst Ali Martinez gave a warning signal, as an indicator that had predicted “each major Bitcoin accident” has just appeared. According to Martinez, the sequential indicator of Tom DeMark, a rare warning which historically preceded violent withdrawals, enlightened a sales signal within the quarterly period.
In particular, the same signal appeared in 2015 and 2018, the BTC being more than 75% and 85% after the indicator has lit. If he follows his historical performance, the analyst has planned that BTC could move to the mark of $ 40,000 this quarter.
When writing these lines, Bitcoin is negotiated at $ 105,901, a 1.16% drop in the daily deadline.
Star image of Unsplash.com, tradingView.com graphic
