Cryptocurrency analyst João Wedson shared his insights on current Bitcoin prices, warning investors of potential risks.
Overview of Current Situation
Wedson noted that the liquidity zone between $104,000 and $105,000 has not yet been touched, raising concerns about possible price fluctuations. He remarked, “Could $107,000 really be a local bottom?”
Key Price Levels
According to the analyst, for the market to regain an optimistic outlook, the $116,000 level needs to be surpassed. Although the price has already broken above $114,000, Wedson highlighted that the $110,400 level is critical. He added, “If $110,000 is lost, the next target could be $105,000.”
Signals Needed for an Optimistic Market
Wedson also mentioned that several indicators need to strengthen for Bitcoin to clarify its short-term direction. Accordingly, signals of a new peak in market dominance, the Buy/Sell Pressure Delta, the Sharpe Ratio, a rise in open interest, and on-chain reversal signals have yet to be confirmed.
Monitoring key levels and indicators may help investors better navigate the current price fluctuations of Bitcoin.
