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Short-term indicators are signaling an alarm in Bitcoin price!
Crypto News - When we look at the daily Bitcoin chart, we see that the price has failed in the short term. The Bitcoin price has essentially broken below the critical support level. The closest support level for Bitcoin is currently around $98,000. We cannot mention the $116,000 price target we mentioned in our previous content at the time of writing because we have fallen below the critical support level we frequently emphasize. The leading crypto asset failed to break the resistance range between $106,000 and $107,000. However, if the support area around $98,000 is violated, we may face a rapid decline towards the range of $92,000 to $93,000.
Cryptanalyst Crypto World emphasizes the need to focus on the big picture and states that we are still in a bull market. When observed in the short term, the price graph is moving in a downward direction. If we see a rapid recovery in the US stock market, we can turn the resistance levels mentioned above into support. However, if an opposite scenario occurs, this situation will also negatively affect the performance of Bitcoin in the short term. In summary, to monitor the future performance of Bitcoin's price, you need to closely monitor the US stock market, especially the NASDAQ 100.
The information in the text is purely for informational purposes. It does not constitute investment advice. Cryptoparahaber.com is not responsible for any profit or loss arising from your investments. Ultimately, investment is based on many factors such as knowledge, experience, research, personal decisions, and more.
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