Analyst Issues Bitcoin Alert, Says Traders Should Take Caution As BTC Hovers Below Immensely Significant Level

A intently adopted crypto analyst is warning Bitcoin (BTC) merchants that bears probably have the higher hand so long as the king crypto trades beneath a vital resistance space.

In a brand new weblog put up, crypto strategist Justin Bennett says that the long run route of Bitcoin relies on whether or not BTC reclaims the important thing resistance degree at $23,130.

Bennett highlights that $23,130 has been a pivotal space for Bitcoin up to now this yr.

“It’s the January shut, the February open and shut, and the March open.

The above makes $23,130 an immensely important degree for Bitcoin.

Merchants have to be cautious whereas Bitcoin trades beneath that degree on the upper timeframes.” 

Supply: Justin Bennett

At time of writing, Bitcoin is price $22,201.

With Bitcoin buying and selling beneath the analyst’s vital value degree, Bennett says that BTC bulls can depend on a few assist areas.

Ought to Bitcoin bulls mount a comeback and take out $23,130, Bennett says there’s nothing stopping the king crypto to go all the way in which as much as $25,200.

“Nonetheless, as talked about above, shorting BTC whereas above the $22,000 January pattern line is ill-advised.

A each day shut beneath $22,000 would open up $21,500 assist and the liquidity pool at $20,800.

Nonetheless, if BTC takes out the liquidity pool at $20,800, there isn’t a lot to cease a retest of the $20,000 confluence of assist.” 

Bitcoin key support and resistance
Supply: Justin Bennett

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