The cryptocurrency market is experiencing relative calm today after violent fluctuations over the past few days, with the price of Bitcoin currently stabilizing around 107,000 dollars. This level is considered a pivotal point in price movement, and many traders are wondering: Is this the beginning of a new surge towards historical highs, or are we on the brink of a new correction?
Over the past 24 hours, the price of BTC has fluctuated between 106,500 and 107,800 dollars, with intermittent spikes coinciding with an increase in trading volume on some exchanges. Data indicates the entry of new liquidity from large wallets (whales), which supports the hypothesis of strong support around this level.
On another note, technical indicators such as RSI and MACD show signs of stability after a brief selling exhaustion, which may pave the way for a short-term bullish rebound. On the fundamental level, the continued flow of funds through Bitcoin ETF's in the United States provides a strong boost to market confidence.
However, it is important to be cautious; the level of 108,500 $ is considered strong technical resistance, and failure to breach it could lead to a rapid decline towards 105,000 $. Therefore, it is essential to closely monitor the daily closing price and establish a well-thought-out trading plan.
🎯 Technical recommendation:
If the level of 108,500 is breached with high trading volume, we may witness a rapid surge towards 111,000 $ in the coming days. On the other hand, if a rebound occurs, the nearest support will be at 106,000 $.
📢 Question for the followers:
Do you think BTC is on its way to breaching the 110K level before the end of June? Share your opinion in the comments 👇
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