Bitcoin is trading around $106,000, showing a slight 0.37% gain over the past 24 hours. Over the past week, it has remained relatively stable, hovering between $105,000 and $106,000, following a bullish rebound from $102,000 support. Technical indicators like the daily RSI sit near 62—comfortably below overbought levels—with the MACD recently producing a bullish crossover. On-chain data suggests whale accumulation is increasing, while derivatives markets reveal rising short positions, indicating potential for a short squeeze. Analysts highlight resistance near $106,600; a decisive breakout could trigger fresh institutional buying. Conversely, a dip toward $103,000 would offer a healthy entry point. Overall, market sentiment remains cautiously bullish as Bitcoin continues consolidating within its current trading range.
