Bitcoin recently slid to around $104,000, breaking below its 200-day moving average which was near $108,000.
It appears trapped in a range between roughly $104k–$106k (support) and about $116k (resistance). A breakout either way could define the next big move.
On the macro front: Strength in the US dollar and signals from the Federal Reserve that rate cuts may not come soon are hurting risk assets like crypto.
Institutionally, however: JPMorgan Chase & Co. believes Bitcoin may now be undervalued relative to gold, suggesting upside (~$170k) within 6–12 months.
Key risks
A close decisively below $100k could open a slide toward ~$90k or even into the $70k-$80k zone.
The range-bound nature and shrinking volatility hint that one big move is coming—but the direction is uncertain.
Market sentiment remains fragile: despite long-term optimism, short-term traders are cautious.
What to watch
Support at ~$104k–$106k: If this zone fails, the next target is ~$100k then ~$94k-$90k.
Resistance around ~$116k: A decisive break above this could trigger a rally toward ~$140k+.
Macro signals: Fed policy, dollar strength, and institutional flows.
Volume and volatility: A breakout often coincides with higher volume—watch for any uptick.$BNB
