The recent Bitcoin price movement appears to be following the plan in an analysis shared by Crypto analyst Tehthomas. This post, shared on the TradingView website, showed a path where Bitcoin prices could last this period and could indicate both bounce-off and resistance points. Now, with Bitcoin already clearing $117,000, the next phase of the analysis could unfold from here, and crypto analysts are very bullish.
What happens after the price of Bitcoin touches $117,000?
In the analysis, Thomas noted that Bitcoin prices successfully cleared local highs and managed to remove liquidity beyond previous ranges. However, there was the inefficiency left behind after previous moves, and was accidentally filled with temporary fakes.
A more clear structure is now being formed after the market revision, when Bitcoin price shifted to $112,000. Currently, Bitcoin prices are heading towards the demand zone with a higher time frame. This could lead to higher prices.
The analysis shows that corrections from the liquidity sweep pushed Bitcoin prices up, and there has been a significant imbalance, and bullish change has since occurred. Also, the repeated daily gap has already been tested several times for around $114,000, indicating that this level of retention has a lot of support here.
Another thing that the fluidity sweep showed is that the buy-side pressure is now cleared. This will reset the market and make movement in any direction more intentional from here. However, prices that rise from here seem to be the most likely path.
How much is BTC?
If the structure outlined by Crypto analysts is preserved, Bitcoin prices can be seen from the current local peak, another small fix. Once this is done, the next step is to create a balance that will help you increase the price of your digital assets.
Analysts explain that if Bitcoin prices maintain an inverted daily gap, their next target will be above the $120,000 level, where the next zone of resistance is next. However, this inverse gap and subsequent losses in trendline support are very bearish for prices. This will cause another modification towards the territory between $111,000 and $112,000.
“Bitcoin has absorbed liquidity, met its effectiveness and reversed the daily gap we currently hold as support,” explained Thomas. “Combined with the ongoing daily uptrends, this will strengthen the bullish outlook with a clear target heading into the 120,000 USDT resistance zone.”
Featured Images of Dall.E, Charts on tradingView.com
