Bitcoin Price Watch: Consolidation Deepens Below Key Resistance
Bitcoin is trading at $105,332 today with a market capitalization of $2.09 trillion and a 24-hour trade volume of $42.12 billion. The price range over the past 24 hours has fluctuated between $105,042 and $107,528, indicating relatively narrow intraday movements as momentum weakens across multiple timeframes.
Bitcoin’s daily chart indicates a weakening uptrend with a sharp reversal after touching highs near $112,000, followed by significant volume on the sell-off—characteristic of distribution. The recent candlestick patterns reflect a bearish engulfing formation, often signaling a broader downtrend. Price is hovering around $106,000, within a key support range of $104,000 to $105,000, while resistance is clustered between $110,000 and $112,000. Indicators like the relative strength index (RSI) at 54 and the average directional index (ADX) at 27 signal a lack of strong trend momentum. A cautious approach is advised, with a bullish entry considered only if bitcoin convincingly breaks above $107,000 with rising volume. #BroccoliBNB714
