Analysts Predict a Relief Rally in the Bitcoin Market
Bitcoin is currently stuck in a range between $8300 and $9200, with no exact support barriers. The two levels are acting as heavy support and resistance, respectively. As per the records, anytime bitcoin sees a massive movement to either the upside or the downside, traders’ reaction triggers high liquidity levels.
Many traders expect the BTC market to continue its bearish structure in the short term. Before that, most traders think a BTC relief rally is highly likely to occur.
Analysts View on Bitcoin Relief Rally
A renowned crypto trader, Cantering Clerk, noted that there are strong support levels under $8600. Another technical analyst, Josh Rager, also added that a mega support level for BTC is present at $7900, an area with significant trading activity.
Crypto analysts’ views are that the probability of a large price movement in the upcoming week is very high. Nevertheless, the Bitcoin market’s response to critical levels, including $7900 and $8300, will decide the BTC and crypto market’s direction in the short term.