Technical Analysis $BTC

Key Levels: The price of Bitcoin is currently fluctuating within a certain range, with key support and resistance levels being monitored by traders.

Resistance: The main resistance levels are in the range of $118,000 - $122,000. A price breakout above these levels may indicate a strong bullish trend towards higher targets.

Support: There are strong support areas around $112,000 and $100,000. Breaking below these levels could lead to a deeper price correction.

Moving Averages: Analysts use moving averages to determine the overall price trend.

If the price is above the 50-day and 200-day moving averages, this is considered a positive signal.

If the price is trading below them, the trend may be neutral or bearish.

Relative Strength Index (RSI): This indicator helps to determine whether Bitcoin is in the overbought or oversold territory. High readings indicate that the price may be due for a correction, while low readings suggest that the price may be ready to rebound.

Fundamental Factors and General Sentiment

Institutional Demand: Major financial institutions are playing an increasing role in the Bitcoin market. The purchase of Bitcoin by these institutions adds positive momentum to the market.