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Bitcoin Reaches Local High? Top Analyst Shares Key Levels
Bitcoin is sliding into an important zone after previous buying pressure has decreased. Many traders and investors in the crypto market are wondering whether the leading cryptocurrency will bounce back as confidence in a new bullish Market shows almost no signs of recovery.
Top Bitcoin expert: Beware of this level According to Daan Crypto, a senior crypto analyst, Bitcoin's price has weakened due to changes in the macroeconomic landscape. In that regard, the analyst believes that the bullish trend must hold above $99,000 or they risk a sharper fall to the monthly lows around $90,000, as shown in the chart below.
Some macroeconomic factors affecting the price of Bitcoin include good Consumer Price Index (CPI) data from the United States and a 'good deal' between this country and representatives from China. This news suggests decreasing inflation and the potential end of the trade war between the two giants. However, analysis notes: At this point, I am quite sure that if the price breaks the current monthly high or low, the price will continue the trend in that direction throughout June ( and possibly further ). Pay attention to those levels. Currently, it is still a quite volatile market dominated by the headlines (…). Therefore, a market fall due to good news is always something to note. Just one day until now but good to be aware. James Wynn issues an important warning – Is there manipulation of Bitcoin prices? In a similar news, James Wynn, a crypto trader, has recently gained fame by betting millions of dollars on the price of Bitcoin, believing that selling pressure will increase in the short time frame. Wynn has warned his followers on X about allegations of market manipulation in the crypto market by major players. According to the crypto trader, these large investors target key levels and push Bitcoin towards them to hunt for liquidity at the expense of retail users. This time Wynn announced that 'Market Makers' could push the price of Bitcoin down to $106,000. However, the trader believes that the bearish trend will be short-term, advising his followers about an impending bounce back. Wynn stated via X: Hold on to your seats. The MMs will try to push $BTC up to around $106,800 to flush out some long leveraged buy orders (not me). I have learned a valuable lesson. Buy in when the price falls or sit tight. It will end soon. Time is running out. The new ATH is close. Don't waver. It remains unknown whether the bearish trend will continue or the price will bounce back in the short term, but the current price action indicates that a bullish spike is imminent.