๐ Current situation
BTC price: around $104,300
Recent high: $112,000 (May 22)
Key support: $105,000
Key resistance: $112,000
Fear and greed index: 56 (greed)
After reaching a new all-time high in May, Bitcoin corrected to around $104,000. The current consolidation occurs against a backdrop of strong institutional inflows and positive regulatory changes in the US.
๐ Technical analysis
Indicators: Despite the recent correction, technical indicators remain bullish. Trading volumes remain high, indicating continued interest from investors.
Support and resistance:
Support: $105,000
Resistance: $112,000
Divergences: Some indicators suggest a potential short-term correction; however, the overall trend remains upward.
๐ง Fundamental factors
Institutional investments: Large companies like MicroStrategy continue to increase their positions in Bitcoin, supporting demand and strengthening confidence in cryptocurrency.
Regulatory changes: Positive changes in cryptocurrency regulation in the US are contributing to increased interest from institutional investors.
Macroeconomic factors: Despite global economic uncertainties, Bitcoin shows resilience, making it an attractive asset for risk hedging.
๐ Weekly forecast
Base scenario: Consolidation in the range of $105,000 โ $112,000.
Bullish scenario: Breakout resistance at $112,000 and movement towards $115,000 โ $120,000.
Bearish scenario: Break of support at $105,000 and decline to $100,000.
๐ก Recommendations for traders
Short-term traders:
Consider buying on pullbacks to the $105,000 level, with targets around $110,000 โ $112,000.
Set stop-losses below $100,000 to limit risks.
Long-term investors:
Maintain positions, considering positive fundamental factors and ongoing institutional interest.
Consider adding to positions on price declines, especially near support levels.