Here are the Bitcoin market trends #BTC
🔍 Comprehensive technical analysis.
1. Short and medium-term trend
Bitcoin is now moving within a downward channel after a strong rally in May, having bounced from the support of the same channel near $100,000.
-The current movement indicates a balance between buying power and selling pressure, amid intermittent waves of recovery and decline.
2. Key support and resistance
-The price is currently around the nearby resistance at 50EMA (around $107,000 to $110,000), which, if broken with strong trading volumes, could lead to reaching $112,000 and even $120,000 to $125,000.
-On the downside, the pivotal support is around $103,000 to $104,000, where Fibonacci levels and momentum indicators suggest a potential bounce.
3. Momentum indicators
-Daily RSI is approaching level 60, reflecting positive momentum but has not reached overbought areas.
-MACD shows a trend towards a positive crossover supporting the idea of continued upward movement, but it needs to be monitored to confirm the solid signal.
4. The market and major features
🔴Accumulation by whales on-chain is increasing (Glassnode points indicate the accumulation index has reached 0.88), reinforcing the hypothesis of a sustainable upward movement if the price remains above $108,000 to $110,000.
🔴The liquidity volume from exchanges has decreased—suggesting a decline in supply of indicators and thus a possibility of price increase if the flows continue towards institutional funds and Ethereum, among others (ccn.com).
5. Upcoming scenarios
-Possible bullish scenario 🚀🚀🚀: A breakout above $110,000 to $112,000 supported by high trading volume could push the price towards $120,000 to $125,000 (riotimesonline.com).
_Temporary correction scenario: rejection at the resistance of $107,000 to $110,000 pushes towards support of $103,000 to $104,000, and possibly even $100,000 depending on selling momentum.
⚠️Influential news: Any economic developments such as US interest rates or geopolitical events could sharply affect price trends, as we saw with the drop below $99,000 following military escalation.
🎯 Quick summary
🔴The current price is $106,000.
🔴The short-term trend is neutral leaning upwards as long as it stays above the resistance of $107,000 to $110,000.
🔴A strong breakout at the channel resistance may lead to a rally towards $120,000 to $125,000🚀🚀🚀🚀🚀
🔴However, a strong break below the support of $103,000 to $104,000 could lead to a correction towards $100,000 or lower.