$BTC Bitcoin (BTC) is trading at approximately $104,990, reflecting a 1.88% decline from the previous close.

Technical Indicators:

• Support Levels: Immediate support is observed around $103,081, with further support at $100,000 and $97,100.

• Resistance Levels: Key resistance levels are at $108,376 and the psychological barrier of $110,000.

• Relative Strength Index (RSI): The RSI is currently at 42.66, indicating a neutral market with no immediate overbought or oversold conditions.

• Moving Averages: The 50-day moving average is above the current price, suggesting short-term bearish momentum. However, the 200-day moving average remains below the price, indicating long-term bullish strength.

Market Outlook:

Bitcoin’s recent price movement indicates a consolidation phase. Traders should monitor the key support and resistance levels mentioned above. A breakout above $110,000 could signal a continuation of the bullish trend, while a drop below $103,081 may indicate a bearish reversal.

On-Chain Data:

On-chain data shows a decline in exchange outflows, indicating that holders are becoming less eager to sell. Meanwhile, increased whale accumulation hints at confidence in longer-term upside.

Conclusion:

In summary, while Bitcoin shows resilience amid external uncertainties, traders should monitor these technical levels for potential breakout or breakdown scenarios.