Bitcoin (BTC) is the most well-known digital currency by market capitalization. It has experienced significant volatility throughout its history, but has generally shown remarkable long-term growth. Currently, Bitcoin is trading around $104,000 - $105,000.
Key Technical Indicators:
* Support and resistance levels:
* Resistance: Levels where the price encounters selling pressure and struggles to break through.
* Immediate resistance: around $106,000 - $107,000. This level represents an important pivot point.
* Stronger resistance: could be in the $112,000 area, which is the highest level Bitcoin has recently reached.
* Support: Levels where the price encounters buying pressure and struggles to drop below.
* Immediate support: around $103,000 - $104,000.
* Strong support: The $100,000 level is considered significant psychological support. There may be stronger support in the $95,000 - $97,000 range.
* Moving Averages (MAs):
* Moving averages are important indicators for determining the overall trend. Some analyses suggest that Bitcoin is still in a strong upward trend in the long term, as long-term moving averages (such as the 50-day and 200-day) still indicate buying.
* Breaking the $106,200 and $107,215 levels in the short term could ignite new bullish momentum.
* Relative Strength Index (RSI):
* The RSI indicator measures the speed and change of price movements. It ranges from 0 to 100. A reading above 70 typically indicates an overbought area, while a reading below 30 indicates an oversold area.
* Recently, the RSI indicator exited the overbought zone (above 70) and now shows a steady downward trend, indicating a halt in bullish momentum. If the RSI continues to decline towards the 50 level, it may highlight a lack of clear direction around current historical highs.
* Chart Patterns:
* Includes candlestick patterns and trend patterns.
* On the monthly timeframe, there was a 'bearish engulfing' candle formation in May 2025, from which it took several months to recover in 2021. This may indicate medium-term selling pressure.
* Patterns like 'Inverse Head and Shoulders' and 'Double Bottom' are considered strong bullish reversal patterns.
* Bitcoin is facing rejection around the $106,406 level, indicating a potential correction.
General Analysis (Bullish vs. Bearish):
* Bullish:
* In the long term, the overall trend for Bitcoin remains strongly bullish.
* Bitcoin ETF inflows continue to show strong institutional interest.
* Bitcoin reserves on exchanges have hit a 7-year low, indicating that investors are holding BTC rather than selling it.
* Some analyses suggest that Bitcoin could reach $115,000 by July if U.S. job data is weaker than expected.
* Some experts predict that Bitcoin could reach $133,000 by 2030 or even much higher in the long term.
* Bearish:
* In the short term, Bitcoin shows signs of losing bullish momentum after reaching its all-time highs.
* Recent profit-taking activities for Bitcoin have reached record levels, indicating increased selling pressure.
* The 'Fear & Greed Index' is trending towards the 'Neutral' zone after touching 'Extreme Greed', which may reflect an increase in short positions.
* If selling pressure continues, Bitcoin may break the upward channel it has been maintaining since early April, paving the way for a clearer downward trend in the short term, potentially dropping to the $95,000 - $97,000 area.
Conclusion:
Bitcoin is at a critical stage. Although the long-term overall trend remains bullish due to institutional interest and limited supply, there are signs of weakening momentum in the short term and potential selling pressure. Traders should closely monitor key support and resistance levels, along with indicators like RSI and candlestick patterns, to determine potential future direction.