Cryptocurrency analyst Joao Wedson assessed Bitcoin price movements and warned investors to be cautious. Wedson noted that the liquidity zone between $104,000 and $105,000 has not yet been touched, raising the question, “Could $107,000 really be a local bottom?”
According to the Analyst, the Table Will Not Turn Optimistic Unless $116,000 Is Exceeded
According to the analyst, although the price has already broken above $114,000, $116,000 needs to be broken for the market to return to an optimistic outlook. On the downside, Wedson noted that the $110,400 level is critical, adding, “If $110,000 is lost, the next target could be $105,000.”
Wedson also stated 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, an increase in open interest, and on-chain reversal signals have yet to be confirmed.
*This is not investment advice.
