After a powerful reversal from sub-$100K lows earlier this week, Bitcoin price today is consolidating near $106,300. The recovery rally has pushed BTC into a critical supply zone around $106,500–$107,000, a level that previously triggered multiple rejections. While intraday momentum remains positive, indicators now suggest a potential cooldown phase unless bulls reclaim control with stronger volume.
What’s Happening With Bitcoin’s Price?
Bitcoin price action has entered a narrow consolidation range after reclaiming the $106K level. The current structure on the 4-hour chart shows BTC retesting the upper Bollinger Band, with price hovering near $106,300 and capped by the upper limit at $107,966. The price remains well above the 20/50/100/200 EMA cluster, with the 20 EMA at $104,342 now acting as dynamic support.
On the daily timeframe, BTC has broken out of the descending structure and is eyeing the upper channel region between $109,770 and $114,896 based on the Fibonacci extension zone. However, this move will require strong follow-through above the key $107,800–…
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