Bitcoin (BTC) continues to display strong bullish momentum, trading at $104,475. The cryptocurrency has seen a range of $101,423 to $104,807 in the past 24 hours, reflecting a 2.77% increase from its previous closing price. The market capitalization of Bitcoin stands at approximately $2.05 trillion, supported by a 24-hour trading volume of $55.93 billion. This robust trading activity indicates significant market interest, despite some intraday fluctuations.
Bitcoin’s broader trend remains bullish, though the current price reflects some consolidation around $104,000. Critical resistance is positioned at $105,000, while support levels are found near $101,000. The next major move in Bitcoin’s price will depend on whether buyers can sustain upward momentum or if bears take control and drive the price lower.
On the technical front, the Relative Strength Index (RSI) stands at 60.69, signaling that Bitcoin is neither overbought nor oversold, suggesting equilibrium between buyers and sellers. Meanwhile, the Stochastic oscillator is also in a neutral zone, reinforcing this balanced sentiment.
Short-term moving averages are showing a mix of signals. The 10-day Simple Moving Average (SMA) is $103,337, suggesting that the market is leaning toward a sell signal in the short term. However, longer-term moving averages, such as the 50-day and 200-day SMA, which are positioned at $98,545 and $75,423 respectively, strongly favor a bullish outlook. This divergence between short-term and long-term indicators reflects the ongoing tug-of-war between short-term profit-taking and long-term optimism about Bitcoin’s growth.
Bitcoin’s daily chart reveals a recovery from recent lows, testing highs near $109,000 before consolidating between $102,000 and $104,000. If the cryptocurrency maintains a steady position above the $100,000 mark, it may continue to test resistance around $105,000 to $107,000. A breakout above $105,000 could propel Bitcoin toward the $110,000 range, with further upside potential if institutional support continues to pour into the market.
On the flip side, a drop below $101,000 would likely expose Bitcoin to deeper corrections, potentially testing support near $97,000. The 4-hour chart reveals strong resistance around $104,000, and traders are watching for signs of a breakout or rejection. Should Bitcoin fail to breach the $104,000 mark in the short term, profit-taking could become a dominant theme, leading to a decline toward $97,000.
The 1-hour chart indicates some choppy price action around the $102,000 level, with short-term scalping opportunities between $101,000 and $101,500 (buy) or $103,500 and $104,000 (sell). Low hourly volume suggests caution in executing trades, but a breakout above the $104,000 resistance zone could trigger fresh buying interest and potential momentum toward higher targets.
Bitcoin’s recent price movements have been influenced by broader market sentiment, particularly the performance of major stock indices like the Nasdaq. A slight pullback in the Nasdaq has translated into some pressure on the cryptocurrency market, with Bitcoin briefly dipping below the $100,000 mark before finding support. Analysts are cautiously optimistic that Bitcoin will continue to benefit from institutional adoption and favorable regulatory developments. Projections suggest that Bitcoin could reach $120,000 by mid-2025, bolstered by these factors.