The merchants were worried then Bitcoin It recently swept the lows of the range. Benjamin Quinn, a well-known analyst, believes that this decline may not be as serious as it seems at first glance. Bitcoin closed in a positive position, which is a sign of strong market sentiment despite intraday volatility. Based on the analysis of the selected charts, Bitcoin is trading near the $94,000-$95,000 range, which is considered as a crucial support. level.

At these levels, the market may test buyer strength based on the sweep of these lower levels of the range. Interestingly, Quinn emphasizes that such actions are typical of consolidating markets and should not be viewed as a sign of an impending, more severe collapse. Instead, they often act as a liquidity grab before a potential recovery occurs.

Technically, Bitcoin The pair continues to trade above its 200 EMA on the daily chart, which is an important signal of continued bullish momentum. The asset is neither overbought nor oversold, according to the Relative Strength Index (RSI), which is showing neutral momentum. Short-range lateral movement may be possible thanks to this balance.

Nearly $97,000, the level at which... Bitcoin It has difficulty recovering decisively, and it is the immediate resistance that should be monitored by traders. If this resistance is broken, bullish momentum may be renewed, and Bitcoin may approach the psychological level of $100,000. On the downside, if the support at $94,000 is broken, it could trigger a drop to the next important support at $88,000.

Cowen's analysis emphasizes that after significant rallies, Bitcoin often experiences periods of low volatility and trades within a defined range. It gives the market time to calm down and prepare for its next move. Macro-perspectives and long-term holders may find that now is a good time to accumulate and calm down rather than overreact to fleeting price fluctuations.