$BTC quoted from Crypto Wise technical analysis
• Relative Strength Index (RSI): currently at 42 on the 4-hour time frame, indicating a neutral state, neither overbought nor oversold
• MACD: showed a negative crossover, which may indicate potential bearish momentum in the short term.
• Support and resistance levels:
• support: ranges between $102,000 and $100,000, breaking this range could lead to a decline towards $97,500.
• resistance: is at $105,000, with potential bullish targets towards $108,956 and even $112,000 if positive momentum continues.
Influencing factors in the market
• Institutional flows: Bitcoin exchange-traded funds saw net inflows of $300 million on May 12, indicating increased interest from institutional investors.
• Economic events: market sentiment improved after the announcement of a trade agreement between the United States and the United Kingdom, contributing to increased demand for high-risk assets such as Bitcoin.
Future forecasts
Bitcoin is currently showing mixed signals. While some technical indicators suggest a potential correction, institutional flows and strong support above $100,000 may support the continuation of the upward trend. Investors are advised to monitor key support and resistance levels, and pay attention to momentum indicators and fluctuations in trading volume to make informed decisions.
