Bitcoin's price action shows a pattern of higher lows, hinting at underlying bullish pressure, though it has struggled to break through the $105,000 resistance level, a key ceiling that has rejected price advances before. Support is holding firm at $100,000, a psychologically significant level, with another layer of support near $95,000 if selling pressure increases. The candlesticks on this timeframe display some indecision, with dojis appearing alongside modest bullish candles, suggesting traders are still weighing their next move.
Technical Analysis:
The 50-period moving average (MA) sits around $102,500 and is sloping upward, acting as a dynamic support that the price is currently testing. The 200-period MA, positioned near $98,000, offers a deeper safety net and reinforces the longer-term bullish trend. The Relative Strength Index (RSI) is at 60, showing decent momentum without entering overbought territory (above 70), which leaves room for potential upside. However, the Moving Average Convergence Divergence (MACD) tells a slightly different story, with a recent bearish crossover where the MACD line dips below the signal line, hinting at fading momentum. Keep an eye on whether the MACD flips bullish again or if the price breaks $105,000 to signal a stronger trend.
Many traders are encouraged by Bitcoin’s resilience and recent whale accumulation, where large holders have been scooping up BTC, suggesting confidence in future gains. News of institutional buying and favorable macroeconomic shifts (like potential easing of global monetary policies) adds to the bullish case. That said, there’s some caution in the air, with concerns about high U.S. interest rates and economic uncertainty possibly curbing Bitcoin’s momentum. The balance of these factors keeps sentiment positive but tempered, with traders watching for catalysts that could spark the next big move.
So, a clean break above $105,000 could ignite a rally toward the all-time high of $109,000, with some even eyeing $120,000 if momentum builds. On the flip side, a drop below $100,000 might see prices slide to $95,000, where buyers could step in to defend the trend.