BTC has smashed through R2 with strong bullish candles and rising volume — signaling sustained upward momentum. RSI suggesting overbought conditions, but bulls remain in control.
Bitcoin (BTC) is trading around $106,323, posting a modest 0.75% daily gain. The recent price action shows a bullish consolidation above the key support/resistance flip zone at ~$103,000, signaling strength and setting the stage for a potential breakout.
🔍 Key Technical Highlights
📌 Resistance Levels:
Immediate resistance stands at $109,350 (R2).
Price action has formed a minor double-top near this zone—indicating a battle between bulls and sellers.
📌 Support Levels:
$103,000 remains a critical support, validating a strong base for bulls.
Sustained trading above this level reinforces the bullish trend.
📈 Volume Insight:
The recent green candle is backed by increased volume, hinting at strong buying interest.
However, earlier rallies showed declining volume—watch for confirmation before breakout continuation.
📆 Short-Term Outlook
With the current momentum and tight range just below resistance, BTC appears poised for a breakout towards the $109,350 zone. However, the overbought RSI warns of a potential pullback or consolidation before continuation.
Bearish Scenario: ⚠️ Drop below $103,000 → Retest of $85,000–$88,000 pivot support
🧭 Conclusion: Bitcoin’s chart structure leans bullish, backed by volume and strong support. But given the overbought RSI and nearby resistance, traders should wait for confirmation—ideally a daily close above $107,000 with solid volume—before initiating new positions.