Bitcoin to Hold Steady during the Middle East Tensions and Chief Support Zones
blockchainreporter.net 05 August 2024 03:05, UTC The present market analysis of Bitcoin indicates a predictable pattern. Doctor Profit, a prominent Bitcoin analyst on X, has recently published an analysis report that disclosed Bitcoin’s price movement between the range of $72,000 as well as $56,000-$57,000. The analyst noted that the basis for this price range includes the chief Fibonacci resistance levels established liquidity points, and moving averages. As per Doctor Profit, this offers a dependable agenda for traders.
#Bitcoin – What’s Next?
The big Sunday report, all you need to know:
TA/LCA/Psychological Analysis: When it comes to the market, there are no such words as “market moves unexpectedly.” Moves should always be anticipated, especially when we’ve been in a massive sideways… pic.twitter.com/EgJhARHaIQ
— Doctor Profit (@DrProfitCrypto) August 4, 2024
Bitcoin to Ranges Between $72,000 as well as $56,000-$57,000, Says Doctor Profit
In its recent X post, the analyst mentioned that irrespective of the apparent breadth of the respective range, it precisely mirrors the market dynamics. Each of the movements of Bitcoin to the bottom or top reportedly shows strong liquidity patterns. In addition to this, the constant profitability of purchasing BTC at the lower spot offers evidence concerning this range’s precision.
The Current Geopolitical Tension within the Middle East Results in Enormous Selling Pressure
At the moment, the market is going through a huge selling pressure. The possible cause behind this takes into account the fears regarding the expanding conflict in the Middle East. The particular participants in this conflict take into account Israel and Iran. The respective geopolitical issue has pushed novice traders to sell in panic. On the other hand, experienced investors look at the long-term opportunity by purchasing at the defined range’s lower end. However, if the tensions prolong, the anticipated bull cycle of BTC may get affected and traders may not be able to get the expected gains.
The Analyst Advises Bitcoin Investors to Buy the Bottom to Get Profits in Long Term
The analyst also discussed the “bottom of the box” indicator. According to Doctor Profit, this indicator has dependably pointed toward the local bottoms. Bitcoin reportedly made rapid recoveries after these local bottoms following provisional dips. This reportedly reflects the respective strategy’s profitability.
Doctor Profit added that the tension between Iran and Israel may significantly influence the market sentiment. As per the analyst, the prolonged conflict is further increasing the volatility. Hence, the market is currently witnessing enormous selling pressure.
