Bitcoin (BTC) continues to demonstrate bullish momentum, testing the critical $105,000 resistance level while Ethereum shows remarkable strength. As recent technical analysis warned of a potential double top pattern, the market watches closely for confirmation of the next major move.
Key Bitcoin Price Levels to Watch
The flagship cryptocurrency has established several crucial support and resistance levels:
- Current Price: $103,500
- Key Resistance: $105,000
- Major Support: $102,850
- 100-Hour SMA: Above $103,000
Technical indicators suggest a consolidation phase, with the RSI maintaining levels above 50 and the MACD showing decreasing bullish momentum. This aligns with broader market predictions targeting $120,000 before any significant correction.
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Market Analysis and Future Outlook
The current price action shows:
- Bullish trend line support at $103,650
- Potential resistance break above $105,500
- Next major target at $106,800
FAQ Section
What’s causing Bitcoin’s current price movement?
The price action is supported by strong technical indicators and increased institutional interest, as evidenced by recent corporate treasury acquisitions.
What are the key resistance levels to watch?
The immediate resistance lies at $104,500, followed by the psychological $105,000 level and $105,500 as the next major hurdle.
What’s the downside risk?
If Bitcoin fails to break $105,000, support levels at $103,500 and $102,850 will be crucial for maintaining bullish momentum.