BITCOIN IS CONSOLIDATING
The Bitcoin daily chart remains constructive as price consolidates within the range established by the $106,099 resistance level and the strong support at $99,860. After the temporary all-time high at $109,358, Bitcoin experienced a pullback, but key support levels have continued to hold.
Currently, price is hovering just below the $106,099 resistance, and no daily candle close has confirmed a breakout above this level yet. This zone remains the key level for bulls to overcome in order to challenge the recent all-time high and potentially push toward $108,388 and higher.
The 50-day moving average, currently around $98,600, has continued to trend upward and acts as dynamic support below the range. Price holding well above this moving average signals that the bullish structure remains intact.
Volume has been relatively moderate during this consolidation phase, suggesting that market participants are waiting for a decisive move either above resistance or a retest of support levels. A breakout above $106,099 on a daily close would likely attract more buyers, whereas a loss of $99,860 could lead to a deeper retracement toward the next major support area near $94,000–$96,000.
Traders will be closely watching the daily closes to determine whether Bitcoin can gain momentum for another leg up or if a deeper pullback is on the horizon.
Currently, price is hovering just below the $106,099 resistance, and no daily candle close has confirmed a breakout above this level yet. This zone remains the key level for bulls to overcome in order to challenge the recent all-time high and potentially push toward $108,388 and higher.
The 50-day moving average, currently around $98,600, has continued to trend upward and acts as dynamic support below the range. Price holding well above this moving average signals that the bullish structure remains intact.
Volume has been relatively moderate during this consolidation phase, suggesting that market participants are waiting for a decisive move either above resistance or a retest of support levels. A breakout above $106,099 on a daily close would likely attract more buyers, whereas a loss of $99,860 could lead to a deeper retracement toward the next major support area near $94,000–$96,000.
Traders will be closely watching the daily closes to determine whether Bitcoin can gain momentum for another leg up or if a deeper pullback is on the horizon.
scott.melker@texaswestcapital.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
scott.melker@texaswestcapital.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.