On Thursday, Bitcoin (BTC) prices dropped at less than $ 101,000 while the benefits between US President Donald Trump and the richest man in the world, Elon Musk, rocked American financial markets. However, in the last 48 hours, the young girl's cryptocurrency recorded an climbing rebound at more than $ 105,000 before slipping into a lateral movement. In the midst of these developments, a popular crypto analyst with X pseudonym Killaxbt has described several scenarios for the next Bitcoin price action.
Behind the bitcoin rebound of $ 100,000
In a X post On June 7, Killaxbt provided a profound technical analysis of the Bitcoin market discussing the recent rebound in prices and potential developments in the future. After reaching a new summit of all time almost $ 112,000 on May 22, BTC entered a corrective phase down approximately 10% in the price range of $ 100,000, before its recent rebound in the last two days.
Killaxbt explains that this rebound is not random and was motivated by a combination of technical and market factors. These factors include the daily imbalances in FVG and volume which are ineffectiveness filled with prices left on the graph.
In addition, there was a liquidity scan while the constant drop in Bitcoin pushed the prices below the previous weekly hollows triggering many stop-loss from long positions. This development has created a breath of life for the great players who served as fuel in the conduct of a market rebound.
Finally, Killaxbt speaks on a short compression configuration by which the bitcoin market became heavy when the traders expected another drawback after the initial rebound in the price of $ 100,000. When prices started to increase, these short traders had to buy to cover their losses, adding more fuel to the rally.
What is the following for BTC?
Looking towards the future, Killaxbt highlighted three potential scenarios for BTC. Currently, analysts indicate that the first cryptocurrency retains a resistance zone between $ 104,800 and $ 106,000, which aligns the Fibonacci trace levels of 0.5-0.618 of the recent price drop.
For the first scenario, Killaxbt only provides an optimistic continuation if Bitcoin breaks and holds above this region of resistance. Such a decision could again trap the open sellers, potentially feed an upward momentum.
However, if Bitcoin faces a rejection in this specified resistance zone, the second scenario comes into play, in which the price is likely to reduce and retest the level of support of $ 100,000. The third, last and the worst case, includes a price break below the main Bitcoin of $ 100,000 to relate the support areas around the price region of $ 97,000.
Interestingly, the personal projection of Killaxbt expects market manufacturers to continue to drive the price of Bitcoin upwards, capitalizing on the recent net rebound that has attracted many short -term merchants. Without a clear “safe” long entry still available, the analyst suggests that pushing prices further would trample more short sellers while forcing the bulls away to hunt the rally
At the time of the press, BTC continues to negotiate $ 105,600 reflecting a gain of 1.16% in the last day.
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