$BTC Bitcoin (BTC) is trading at approximately $104,359, reflecting a recent surge past the $100,000 mark. This rally is attributed to renewed investor interest in riskier assets amid a broader market rebound, improved investor sentiment following a preliminary U.S.-U.K. trade deal, and expectations of a more favorable regulatory environment for digital assets under President Donald Trump.
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Technical Snapshot
Current Price: $104,359
24-Hour Range:
$103,445 – $104,923
Relative Strength Index (RSI): On the 4-hour chart, RSI has dropped to 38, indicating oversold conditions that could precede a short-term bounce if buying pressure returns.
Moving Averages: BTC is trading above its 50-day and 100-day moving averages, indicating a stable upward trend.
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What’s Next for BTC?
Bullish Scenario
Analysts suggest that if Bitcoin maintains its position above the $100,000 support level, it could test resistance near $107,000, with a projected upside target around $120,000 if the rally continues. Some forecasts even predict a potential rise to $150,000 in 2025, driven by institutional adoption and favorable market conditions.
Bearish Scenario
Conversely, if Bitcoin fails to hold the $100,000 support level, it could retrace to around $92,000, where significant technical support lies. Short-term volatility may persist due to low trading volumes and lingering tariff uncertainty.
Key Levels to Watch
Immediate Resistance: $105,000
Key Support: $102,000
Critical Support Zone: $92,000 – $94,000
Final Thoughts
Bitcoin's recent performance indicates a bullish trend, but traders should remain cautious due to potential short-term volatility. Monitoring key support and resistance levels, along with macroeconomic indicators, will be crucial in anticipating Bitcoin's next move.
