Anticipated Bitcoin (BTC) Value for July 7th Adjustment
In the dynamic world of cryptocurrencies, Bitcoin (BTC) is currently trading around $108,380, consolidating just below the critical $110,000 resistance level. This consolidation comes after a brief surge, with the digital asset showing signs of a potential correction.
Technical analysis reveals that Bitcoin is compressing within a symmetrical triangle pattern on the daily chart, with short-term support near $107,000. The 4-hour chart remains bullish as BTC holds above this support, and the 4H Supertrend has flipped bullish above approximately $107,270, indicating cautious optimism among traders.
This consolidation pattern suggests that Bitcoin is expected to remain range-bound between $107,000 and $110,500 in the near term. A correction down to $107,000 from the current price around $108,380 is therefore possible as part of typical price compression within the triangle structure before a larger directional move occurs.
The bulls have recently defended the $105,000–$106,000 zone multiple times, indicating strong buying interest near these levels. Until Bitcoin decisively breaks above $110,000 or falls below $107,000, the price is likely to oscillate within this range.
In the midterm, the bulls appear to be more powerful than the bears, as the rate of Bitcoin is closer to the resistance than to the support. However, it is crucial to note that this analysis is based on the predictions by Denys Serhiichuk.
It is always recommended to conduct your own research by contacting financial experts before making any investment decisions. The financial and market information provided is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies.
In other news, many cryptocurrencies, including Bitcoin (BTC), are reaching new local peaks today, according to CoinStats. However, if the current trend continues, there is a chance for a test of the $107,000 by the end of the week.
Meanwhile, Stellar (XLM) price prediction suggests a potential correction to the $108,000 mark by tomorrow, if the current situation persists.
As always, stay informed and make wise decisions in the ever-evolving world of cryptocurrencies.
Crypto investors might be watching the price of Bitcoin closely, as it is expected to oscillate within a range of $107,000 to $110,500 in the near term due to a consolidation pattern. This potential correction down to $107,000 from the current price around $108,380 is part of typical price compression within the triangle structure before a larger directional move occurs. Meanwhile, Stellar's price prediction indicates a possible correction to the $108,000 mark by tomorrow. As always, it's advisable to conduct thorough research before making any investment decisions in the crypto market.
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