Today, Bitcoin, the largest cryptocurrency in the world, reached a level above $115,000. However, experts warn of risks associated with the current price movements.
Bitcoin's Rise and Expert Opinions
Bitcoin today surged to $115,670, marking an intraday high. However, John Bollinger, a renowned trader and the creator of Bollinger Bands, believes this may be a false breakout. In a post on X, Bollinger noted that Bitcoin and other cryptocurrencies might be forming a 'head fake' following a Bollinger Band Squeeze, which typically signals a significant shift in volatility.
Resistance and Support Analysis
Crypto analyst Ali Martinez warned that Bitcoin is facing a major resistance at $117,000. Below current levels, there is little support between $113,000 and $108,000, creating what he refers to as an 'air gap.' Martinez added that Bitcoin could even drop to $95,000, especially if volatility increases.
Geopolitical Factors and Their Impact
Geopolitical tensions could also weigh on Bitcoin. The 25% tariffs imposed by President Trump on imports from India, set to take effect on August 7, threaten to lead to a BRICS-led trade war, with Brazil and India ready to retaliate.
Despite Bitcoin's achievements today, several factors, including expert assessments and the geopolitical situation, could lead to volatility in the cryptocurrency market. Analysts urge caution and attention to current movements.
