This Instant Supply Zone can significantly lead bitcoin to new high.
Following the recent Resistance level of Bitcoin above $ 7,200, the bears of the benchmark cryptocurrency are losing their steam and are now likely to revisit its support at $ 7,000.
However, analysts are showing some bullishness, and he expects Bitcoin to reach its main distribution area, $ 7,600, before finding enough sales pressure to trigger a sustained recession.
This area is in line with a recent offer from another trader, which they believe will support the current price level of BTC.
At the time of writing, the current price of bitcoin has dropped 1% to $ 7,180, which is slightly below the daily high of $ 7,270 set yesterday.
Today, a drop of less than $ 7,200 is a sign that the bear is in favour, as bulls are not strong enough to support this ever-tremendous resistance and buyers fail to regain the position.
If the bulls do not regain this level in the coming hours and days, the bears are likely to re-establish it as an aggressive defence, resulting in a further decline in cryptocurrency.
Despite these obvious signs, it should be noted that a well-known hypocrite on Twitter recently gave a chart of $ 7,600, summarising that he “wants to drown”.
If you look at the levels identified in the chart above, his length is invalid if Bitcoin is around $ 7,050.
$ 7,600 The above objective may not be unnecessary, since this level is also where the strong supply zone is located.
In a tweet about the situation of another prominent trader, BTC is waiting to hit the distribution sector before it is made smaller.