#BTCNextATH #BTCNextATH
Bitcoin is currently trading above $104,000, maintaining its position above the significant $100,000 threshold as it eyes a potential retest of its all-time high of $109,588.
Positive developments in US-China trade negotiations and a record 19-day inflow streak for BlackRock's Bitcoin ETF are driving institutional demand and supporting Bitcoin's price movement.
Technical analysis indicates ongoing strength for Bitcoin, with key support levels at $103,500 and $100,000, while resistance levels are noted at $105,000 and $109,588.
Analysts remain cautiously optimistic about Bitcoin's future, emphasizing the importance of upcoming macroeconomic data and the need for diversified strategies in this volatile market.
Currently trading above $104,000, Bitcoin BTC/USD has kept its position above the psychologically significant $100,000 threshold as market players gaze at a possible retest of January’s all-time high of $109,588. Rising over 10% in the past week, the top cryptocurrency shows amazing resilience among bettering macroeconomic conditions.
Positive changes in US-China trade negotiations have greatly helped the movement. With US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer prepared to declare “substantial progress” following negotiations in Switzerland, officials from both countries came to find “important consensus”. Previously slowing down Bitcoin’s momentum earlier this year, this diplomatic success helps allay concerns of a lengthy trade war.
Key Levels to Watch
Support Zones:
Immediate support at $103,500 (trend line)
Strong psychological support at $100,000
20-day EMA at $96,626
Major support at $93,000
50-day SMA at $88,962
Resistance Zones:
Immediate resistance at $105,000
Secondary resistance at $106,200
All-time high resistance at $109,588
102,601.91
-1.26%
