Bitcoin (BTC/USDT) 1-Hour Chart Analysis:
As of now, Bitcoin is trading around $104,912, showing a slight gain of +0.27%. On the 1-hour chart, the price action looks bearish overall, with BTC struggling to hold above its key moving averages.
Key Indicators:
MA(7): $105,004.95
MA(25): $105,300.60
MA(99): $107,152.95
BTC is currently trading below all major moving averages, which signals short-term bearish pressure. The price recently hit a local high at $106,252 but faced strong resistance and has been declining since.
Chart Pattern:
The recent candles are showing a sideways consolidation with lower highs and lower lows, indicating weakness in upward momentum. Bears seem to be taking control, and unless BTC breaks above the $105,300–$105,500 zone, we could see further downside.
Support & Resistance:
Immediate Support: $104,488 (24h low), followed by $104,000
Immediate Resistance: $105,300–$106,250 zone
Short-Term Outlook:
If BTC fails to reclaim the 25-period MA ($105,300), we might see a test of the $104,000 level. A break below that could invite more selling. However, a bounce from here with strong volume could set up a move back to $106,000.
Trade Strategy:
Bearish Bias: Consider short positions below $105,000 with a target near $104,000.
Bullish Breakout Level: Wait for a clean break above $105,500 with volume for a long setup.
📉 Trend: Bearish
📊 Volatility: High
🕒 Timeframe: 1-Hour
