$BTC Remains in a rising trend channel on both medium- and long-term timeframes, signaling sustained bullish momentum and increasing buy interest among investors.

After hitting $105,800 and achieving a $2 trillion market cap, Bitcoin has stabilized around $103,000 - $104,500, forming a narrow channel post-rally.

Resistance Levels: Bitcoin is testing resistance at $105,500 - $106,000. A breakout above $106,000 could signal further upside toward $108,000 - $120,000. Failure to break this level may lead to a pullback.

Support Levels: Key support lies at $93,000 - $95,000, with additional support at the 50-day EMA (~$90,000). A deeper correction could test $85,000 if bearish pressure increases.

Key Technical Indicators

Relative Strength Index (RSI):

Daily RSI: Currently above 70 (around 70.49), indicating overbought conditions. This suggests a potential for a short-term pullback, though strong bullish momentum may persist.

High RSI could signal caution, as it may indicate the market is overstretched.

Moving Averages:

5-day MA: ~$95,892, above current price, signaling short-term bullishness.

20-day MA: $93,231, also above the 50-day MA ($87,415), confirming a bullish trend across short- and medium-term timeframes.

50-day EMA: Trading above the 50-day EMA (~$90,100), reinforcing the short-term bullish trend.

Bitcoin’s price remains above key EMAs, supporting a bullish outlook unless a breakdown below the 50-day EMA occurs.

Bullish Scenario:

A breakout above $106,000 could target $108,000 and potentially $120,000 in the coming weeks, driven by strong institutional inflows and positive macro sentiment.

On-chain technicals suggest Bitcoin could repeat its October 2024 breakout, pushing toward $106,000 - $110,000 if momentum holds.

Bearish Scenario:

Failure to break $106,000 may lead to a pullback to $93,000 or lower to $85,000, especially if RSI overbought conditions trigger profit-taking.

A weekly MACD divergence could signal a deeper correction if momentum weakens.