š„ $BTC Update: Grinding at $106.6K - Critical Juncture Ahead
Bitcoin's sitting right at the edge of a knife here. We're testing resistance at 106,000 points, and honestly, this level has been a magnet for the past few sessions.
š Technical Setup:
Key Resistance: $106,800-$107,000 (the make-or-break zone)
Support Levels: $104,000 ā $101,000 ā $100,000 psychological
Pattern: Tight consolidation after the May highs, coiling for the next big move
The RSI is hovering around 54-55, so we're in neutral territory ā not overbought, not oversold. Technical ratings are flashing "Buy" signals across multiple timeframes, but I'm seeing some mixed signals in the shorter term momentum.
šÆ Market Sentiment: Fear & Greed Index just hit 62 points ā we're in greed territory but not extreme. That's actually healthy for continuation. The market isn't getting too frothy yet.
š What's Moving BTC:
ETF flows remain decent (institutions still accumulating)
Weekend consolidation is typical before Monday's traditional finance reopening
Friday's dip to $101,095 got bought up quickly, showing strong support
My Take: This feels like a spring being wound tight. A clean break above $107K with volume could send us toward $109-110K fast. But if we lose $104K, we're probably revisiting the $100K magnet.
I'm staying patient here. Not chasing, but ready to act on a clear directional break.
š” Trading Setup:
Entry: $106,200 (on breakout confirmation above $106,800)
Target: $108,500
Stop Loss: $104,800
Risk what you can afford. This market rewards patience over FOMO.