#BTCBackto100K $BTC 🚨 Bitcoin Breaks Above $103K—Approaching Critical Resistance at $105K

Bitcoin has surged past $103,000, marking a significant +3.5% gain in the past 24 hours. The cryptocurrency reached an intraday high of $103,978, edging closer to the pivotal resistance zone at $105,000—a level that previously saw substantial short position liquidations between $92K and $94K

🔍 Market Analysis

The $105K level is a critical resistance point in this bullish momentum. Technical indicators, such as the Relative Strength Index (RSI), suggest that Bitcoin is currently overbought, indicating a potential for a short-term pullback. Traders are advised to monitor this level closely for signs of market exhaustion or reversal

📊 Key Support and Resistance Levels

• Immediate Resistance: $104,500 to $105,000

• Immediate Support: $102,200

• Major Support: $100,000  

A decisive move above $105,000 could propel Bitcoin towards the next resistance levels at $106,500 and potentially $108,000. Conversely, failure to maintain current levels may lead to a retracement towards the $100,000 support zone.

⚠️ Trading Strategy

Given the current market conditions, traders should exercise caution:

• For Long Positions: Consider securing profits as Bitcoin approaches the $105,000 resistance.

• For Short Positions: Monitor for confirmation of a reversal before entering, as the bullish trend remains strong

It’s essential to stay informed and adapt to market movements, as volatility remains high