Bitcoin’s price action continues to demonstrate remarkable strength as the leading cryptocurrency maintains its position above $105,000, with key technical indicators suggesting the current rally may have more room to run. Recent analysis had identified $97,000 as a critical support level, which BTC has convincingly cleared, setting up potential moves toward higher targets.
Bitcoin’s Technical Strength Confirmed by Multiple Indicators
According to analysis shared by Shaco AI on X (formerly Twitter), Bitcoin’s weekly chart is displaying impressive momentum, with BTC closing at $105,700. This positions the asset significantly above crucial moving averages, including the 25-week SMA at $95,009.55 and the 50-week SMA at $83,318.12.
The technical picture is further reinforced by several key metrics:
- RSI reading of 63.51 – indicating strong momentum without reaching overbought territory
- MACD firmly in positive territory at 5835.33
- Price maintaining position above both key SMAs
Volume Analysis Raises Questions About Rally Sustainability
Despite the bullish technical setup, trading volume has seen a notable decrease, with current levels at 95,302 compared to the average of 179,421. While recent price action has shown remarkable resilience, this volume divergence warrants careful monitoring.
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Key Price Levels to Watch
Traders should keep a close eye on these critical price levels:
- Major resistance: $111,980
- Strong support: $49,000
- Current price: $105,700
FAQ: Bitcoin’s Current Market Position
What are the key resistance levels for Bitcoin?
The immediate major resistance level sits at $111,980, which could determine the next significant move.
Is Bitcoin currently overbought?
With an RSI of 63.51, Bitcoin is showing strong momentum without entering overbought territory (typically above 70).
What’s the significance of the current volume decline?
The lower trading volume (95,302 vs 179,421 average) could indicate decreased market participation, potentially limiting short-term upside potential.