Crypto Analyst Closes Short on BTC, Puts Bearish Sentiment Until Resistance is Reclaimed

• Lennaert Snyder has closed his short position in BTC.
• He is likely to re-enter shorts at a daily high of $93,822.
• BTC is trading at $91,720.85, slightly above the $90k mark.

A crypto analyst just closed his short position on BTC, citing the inability to take out the daily high on the token. He further emphasized being on the lookout for a re-entry point to the said position. Meanwhile, BTC price remains above the $90k mark with a strong hold over short-term projections.

Closing BTC Shorts

Lennaert Snyder, a notable crypto analyst, announced that he closed his short position in the flagship cryptocurrency. Snyder underlined that the move was made because he could not take out the daily high of around $93,822.

Snyder further added that he was bearish until BTC reclaimed the resistance margin of approximately $96,500. Notably, he had mentioned earlier that BTC was rejecting the resistance mark of $94,400, adding that he was looking for local short triggers.

Crypto Analyst on Re-Entry Point

Snyder pointed out a few trigger points to re-enter BTC shorts. He pinned a daily high of $93,822 along with the reversal on 15M/1H, adding that it would be towards the weak monthly open of around $87,600. For the weekly high, Snyder picked an estimated value of $94,700 with the flipping point of $96,500 for a bullish sentiment.

For a bearish trend, Snyder said that losing the printed local low of $91,211 could extend the pattern into the weak monthly open. Nevertheless, sentiments around BTC remain mixed, with risk assessment highly recommended before crypto investments.

BTC Price Points

All that said, BTC is currently listed at $91,720.85, slightly above the $90k milestone, which has often been tagged as a critical testing zone. This value comes after a 24-hour decline of 1.94% and a 1-week surge of 3.42%, applicable at the time of writing this article. The 24-hour trading volume is up by 19.86%.

BTC price prediction estimates a maximum gain of 10.66% in the next 3 months. This translates to an approximate value of $102,615. Ongoing volatility comes to 2.12%, categorized as medium, while the 14-Day RSI remains neutral with 63.09 points. The 50-Day SMA and the 200-Day SMA come to $89,950 and $99,251, respectively.

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