Editor's PiCK
"Bitcoin (BTC) Fails Short-Term Rebound Phase… Possibility of Retesting 102,000 Dollars"
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- Multiple analysts said Bitcoin (BTC) failed a short-term rebound and may retest the 102,000-dollar level.
- Ted Pillows analyzed that if the 102,000-dollar area holds as support the bullish trend could continue, but a monthly close below that price level would be worrying.
- QCP Capital evaluated that inflows into spot ETFs continue, which positively contributes to forming an environment for a rally, but it is still uncertain whether BTC will maintain the 'digital gold' narrative.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
On the 15th (local time), crypto asset (cryptocurrency) specialist media Cointelegraph reported, citing multiple analysts, that Bitcoin (BTC) failed to rebound and could retest the 102,000-dollar area recorded on Binance last week.
Crypto asset influencer Ted Pillows said, "BTC appears to have failed to rebound on the 4-hour chart and is showing movement to fill the lower tail at 102,000 dollars," adding, "If this area holds as support the bullish trend could continue, but if the monthly candle closes below that price level it would be a concerning situation."
Meanwhile, trading firm QCP Capital said, "Despite weekend volatility, the correlation between BTC and gold has risen above 0.85," and assessed, "Inflows into spot exchange-traded funds (ETFs) are continuing, creating an environment for a rally. However, whether BTC can maintain the 'digital gold' narrative remains uncertain."
BTC was trading at 110,691.21 dollars on the Binance Tether (USDT) market at 00:46 on the 16th, down 1.42% from the previous day.
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