Here’s the latest technical analysis on Bitcoin (BTC):
#BTC Key Technical Overview of the day
1. Descending Channel & Critical Levels
Following a strong rally from April to May, BTC has entered a descending channel, currently trading between $100K and $107K
Support: ~$100,000 is crucial—some analysts view a break below risking a drop toward $92K
Resistance: Around $107K–$108K, near the upper channel trendline and prior peaks
2. Wave Bounce & Fibonacci Support
Wave-based analysis suggests BTC recently bounced off the confluence at $100K, lower Bollinger Band, and the 38.2% Fibonacci retracement—signaling a likely move toward $105K
3. Golden Cross & Moving Averages
A golden cross (50‑day MA crossing above 200‑day MA) has occurred —a historically bullish sign. However, note the narrowing gap between price and the 50‑day SMA, which warns of a potential 10% correction .
4. Trendline Breakdown & Bearish Risk
Some technical charts show a breach of a short-term ascending trendline around $101K–$105K, pointing to potential further down moves toward $98K–$97K, with a deeper support area around $84K .
5. Intermediate Flag Pattern
A bullish flag pattern on the daily chart, if confirmed with a breakout north of $109K, may propel BTC toward a new all-time high near $112K–$112K
🔍 What to Monitor Next
Upside trigger: A sustained break above $107–108K—especially with volume—could target $112K–$114K+.
Downside risk: A break below $100K with conviction may retest $97K–98K, and if broken drive toward $92K.
MA behavior: How price interacts with the 50‑day SMA near current levels.
Momentum & macro: RSI and other momentum metrics have recently weakened; broader risk-market shifts (e.g., Fed commentary, global geopolitics) could influence BTC direction.
Final Take
Bitcoin remains in a neutral-to-slightly bullish position, with its $100K support proving resilient. The upcoming price action around $107K–108K (for a breakout) or below $100K (for a breakdown) will likely set the tone for its medium-term trajectory
