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Bitcoin Analysis: Risk of Decline due to Market Signals and Geopolitics

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by Giorgi Kostiuk

a month ago


Bitcoin is experiencing a short-term wave of optimism; however, analyst Crypto Patel warns of a potential bull trap.

Current State of Bitcoin

Bitcoin shows temporary growth; however, according to Crypto Patel, caution is necessary: 'Bitcoin isn't fully bullish until it breaks and closes above $108,900.'

Market Fundamentals Support the Warning

Patel points to key support levels based on historical data. Additionally, the sharp 29% drop in Bitcoin's hashrate could negatively affect the market. He states, 'smart money is shorting the $107,000–$109,000 zone.'

Technical Analysis and Social Sentiment

While many retail traders are driven by hype, sentiment analysis reveals a neutral-to-bearish tone. Patel believes that a break above $110,654 is needed to change the current trend.

With upcoming mining difficulty adjustments and rising geopolitical tensions, Patel recommends that traders remain vigilant and consider key resistance levels.

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