$BTC Technical Analysis 📈📉

Bitcoin (BTC) is trading at approximately $108,529, reflecting a 2.05% increase from the previous close.

Technical Analysis:

• Support Levels: Immediate support is observed around $105,426, with further support at $104,527 and $103,956.

• Resistance Levels: Key resistance levels are at $106,531, $106,959, and $107,560.

• Relative Strength Index (RSI): The RSI is currently at 42.66, indicating a neutral market with no immediate overbought or oversold conditions.

• Moving Averages: The 50-day moving average is above the current price, suggesting short-term bearish momentum. However, the 200-day moving average remains below the price, indicating long-term bullish strength.

Market Outlook:

Bitcoin’s recent price movement indicates a consolidation phase. Traders should monitor the key support and resistance levels mentioned above. A breakout above $107,560 could signal a continuation of the bullish trend, while a drop below $104,527 may indicate a bearish reversal. As always, it’s crucial to consider broader market factors and conduct thorough research before making trading decisions.