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Bitcoin price analysis

As Bitcoin (BTC) consolidates around the $107,000 mark, on-chain data is showing signs of fatigue, suggesting a potential price move may be imminent

Currently, Bitcoin’s key support level is at $105,000. Holding above this level is critical for any attempt to reclaim $110,000 and push toward new all-time highs. As of press time, BTC was trading at $106,972, down 0.6% on the day and 0.3% for the week.

Technically, Bitcoin remains in a bullish posture. It’s trading above both its 50-day simple moving average ($105,970) and 200-day SMA ($87,717), a sign of strength.

Meanwhile, the 14-day RSI stands at 58.77, indicating that momentum remains intact without signaling overbought conditions.

Overall, Bitcoin’s setup appears constructive,with key moving averages providing support and technical indicators still favoring the bulls if new demand emerges.