Bitcoin's impressive rally over the past week showcases strong bullish sentiment. However, the current consolidation near the resistance level indicates a period of indecision. Traders should monitor key support and resistance levels closely, as a breakout or breakdown from these zones will likely dictate BTC's next significant move.
The RSI(6) stands at 40.60, placing it in the neutral zone.
This suggests that BTC is neither overbought nor oversold, providing room for potential upward or downward movement depending on market catalysts.
A decisive break above the $105,819.45 resistance could pave the way for BTC to test higher levels, potentially targeting the $107,000 mark or beyond....
but Failure to maintain support at $100,496.50 might lead to a deeper correction, with BTC possibly retracing to the $98,000–$100,000 range.
