Bitcoin Price Analysis
The hourly chart shows that Bitcoin (BTC) is fluctuating between $104,000 and $106,000, with a dip after hitting near $107,149. The support level is between $103,000 and $104,000, while resistance is between $106,500 and $107,000. Trading volume is dropping, suggesting uncertainty or a pause before a potential move. Day traders might find opportunities to buy near $104,000, aiming for $106,500, with a stop-loss at $103,000 to limit risk. If Bitcoin breaks above $107,000, it could rise further.
The 4-hour chart shows Bitcoin bouncing between $104,000 and $109,000, with momentum fading on pullbacks. Support at $104,000 could offer short-term buying opportunities, while resistance at $107,000 and $109,000 may lead to selling unless Bitcoin breaks above $110,000. The trading volume is low, so traders should approach resistance zones carefully and use tight stop-losses.
On the daily chart, Bitcoin is in an overall uptrend, having risen from $89,164 to $109,356, followed by a consolidation period. Key support is between $98,000 and $100,000, with resistance between $109,000 and $110,000. Volume is dropping, indicating weakening momentum, but the overall uptrend is intact. Swing traders might consider buying near support levels and selling near resistance, using a stop-loss below $98,000.
Oscillators show mixed sentiment, with the Relative Strength Index (RSI) at 60, Stochastic at 76 (neutral), and the momentum oscillator suggesting a sell at 4.023. The Moving Average Convergence Divergence (MACD) is showing a buy signal at 2.169, confirming a strong buy trend from the Exponential Moving Average (EMA) and Simple Moving Average (SMA) across all timeframes. Bitcoin's price is well above its 10 to 200-period moving averages, confirming the bullish trend.
Bullish Outlook:
Bitcoin's strong support levels, bullish signals from the EMA and SMA, and the recent rise from $89,164 to $109,356 suggest the market remains optimistic. A clear breakout above $109,000 with strong volume could push Bitcoin to $115,000, strengthening the bullish outlook.
Bearish Outlook:
The low trading volume during the consolidation phase, along with neutral oscillator readings and fading momentum, raises concerns about the continuation of Bitcoin's rally. If support at $104,000 breaks, the price could fall back to $100,000 or lower, possibly marking the start of a wider correction phase. Traders should remain cautious if resistance at $107,000 and $109,000 holds.
