Summary
- It was reported that Bitcoin formed strong support in the $99,894 to $100,286 range.
- It was stated that the likelihood of falling below the support range is low because investors have already accumulated Bitcoin worth approximately $41 billion.
- It was added that while Bitcoin may show a downward trend after surpassing $107,000, it is expected to attempt to break the previous high afterward.
An analysis has emerged that Bitcoin (BTC) is receiving strong support in the range of $99,894 to $100,286.
On the 19th (local time), BeInCrypto reported, "According to the IOMAP (In/Out of the Money Around Price) indicator, Bitcoin is forming strong support in this range," adding, "Investors have accumulated more than 398,590 BTC (approximately $41 billion)." Furthermore, it stated, "As many investors expect a price increase, the likelihood of falling below the support range is low."
However, the media added, "Since Bitcoin temporarily surpassed $107,000 today, there is a high possibility of a downward trend," and "It is expected to attempt to break the previous high after surpassing $105,000 again."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
