đš Recent price movements
Bitcoin is currently at â$107,600, having fluctuated between $108,800â$105,900 today.
Increased by ~1.6%â1.7% in the last 24 hours; showing slight correction thereafter.
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đ Influential micro and macro factors
Geopolitical volatility (Europe-Middle East tensions) has caused mixed reactions in BTC; however, a lot of institutional and ETF investment has returned to the market after the recent decline.
The market is now shifting from a âsafe-havenâ or protected asset to a ârisk-onâ profileâwhich is why Bitcoin is now more correlated with the stock market.
Investors have created Bitcoin as digital âgoldâ in anticipation of a potential Fed rate cut and the death of the dollar.
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đ Technical Analysis
Key support is seen in the $105,000â$105,500 region; resistance ~ $112,000 (May ATH).
It just got a âpin-barâ bullish candle, which could indicate a short-term increase.
The âgolden crossâ (50-day EMA > 200-day EMA) and Bollinger-band expansion seem to indicate further upward momentum.
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đ Predictive Price Statistics
Some analysts are predicting that BTC could move into the $140Kâ$270K range, but on the downside, a $92Kâ$100K range wouldn't be a bad sign.
The return to Fibonacci support in June also sees the potential for a breakthrough with the $112Kâ$120K target as a new short-term target.
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đ¯ Summary
Direction evaluation
Current status: Corona at $107.6K, resistance at $112K, support at $105K
Micro and macro bank rates, dollar weakness, geopolitical volatility, ETF support is quite effective
Technical bullish pattern active; momentum increasing with golden cross and volatility signals
Risk: Risk of recession if the situation in the Middle East worsens, but institutional flows remain as usual.