BTC is trading at approximately $103,919, reflecting a modest 0.33% increase on the day.
This week, BTC has experienced fluctuations, briefly surpassing $105,000 before retreating due to profit-taking ahead of U.S. inflation data releases. Despite these pullbacks, the overall market sentiment remains bullish, bolstered by softer-than-expected U.S. inflation figures and easing trade tensions, which have renewed investor optimism.
Analysts anticipate that if Bitcoin maintains support above the $100,000 level, it could test resistance around $108,000 to $110,000 in the near term. However, a break below $100,000 might see the price revisiting support levels near $97,000. Looking ahead, some forecasts suggest a potential surge to $120,000 before a significant correction, possibly down to $60,000, as part of the market's cyclical behavior.
In summary, while short-term volatility is expected, the broader outlook for Bitcoin this week leans positive, with key economic indicators and market sentiment driving potential upward movement.
