$BTC 📊 Technical Overview

Bitcoin has experienced a significant rally, climbing from around $74,000 to a peak of $105,700 in recent weeks. Currently, the price is hovering near $102,400 after bulls failed to close above the $105,000 level on May 14–15. This suggests a cooling phase, with short-term indicators showing fading momentum. The 4-hour chart reveals a narrowing triangle pattern, indicating potential consolidation or a pullback toward the $100,800 support zone.

🧭 Market Sentiment & Drivers

The broader trend remains bullish, supported by several macroeconomic and institutional factors:

Institutional Adoption: Major asset managers like BlackRock and Fidelity have launched Bitcoin ETFs, increasing accessibility for traditional investors.

Strategic Reserves: The U.S. government's establishment of a Strategic Bitcoin Reserve has bolstered confidence in Bitcoin as a long-term asset.

🔮 Short-Term Outlook

While the long-term outlook remains positive, short-term indicators suggest caution:

Resistance Levels: The $105,000 level has proven to be a significant resistance point. Failure to break above this could lead to further consolidation.

Support Zones: Immediate support is seen around $100,800. A break below this could test lower support levels.

Traders should monitor these key levels and consider the broader market sentiment when making decisions.