Analyst and trader Jason Pizzino is issuing a warning on Bitcoin (BTC) as the flagship crypto asset hovers below the all-time high.
In a new strategy session, Pizzino tells his 351,000 YouTube subscribers that Bitcoin is “flirting with danger” after failing to cross above a resistance level located just below the all-time high price of approximately $109,000.
“Now the market’s reversed and come up and this range [between $94,000 to $105,000] seems to be relatively important because for the last four days now Bitcoin has not been able to close above this 50% level [at around $105,000] on the three-day swing chart.”
The widely followed analyst says there are key support levels located below the price of $100,000 that Bitcoin must stay above to maintain its bullish prospects.
“To the downside, you don’t want to see the levels around $91,000, $92,000 up to about $93,500, $94,000… basically the whole of the low $90,000 range. That’s the area that you want to see some support. Breakdowns at this level is just going to prolong any sort of move again to the upside and may in fact weaken the overall move.”
According to Pizzino, Bitcoin will retain its bullish prospects if the crypto king manages to hold above the key support levels over the course of this month.
“But if it can hold out these levels basically over May is where we’re looking for these signals, then possibly the floodgates open.”
Bitcoin is trading at $102,274 at time of writing, about 6% below the all-time high reached in January.
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