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Bitcoin Consolidates at $104K: Key Levels to Watch

Bitcoin is currently trading at $104,589, with a 24-hour trading volume of $42.32 billion and a market cap of $2.07 trillion. After reaching an intraday high of $107,006, the price now fluctuates between $104,133 and $107,006, indicating a period of consolidation.

Bitcoin Price Analysis

Short-Term Outlook

On the hourly chart, Bitcoin is moving between $104,000 and $106,000, showing declining momentum after facing rejection at $107,149. Support levels remain steady at $103,000 to $104,000, while resistance holds firm at $106,500 to $107,000.

Trading volume has significantly dropped, hinting at market indecision. Traders could look for buying opportunities around $104,000, aiming for a target of $106,500, with a stop-loss set at $103,000 to minimize risk. A breakout above $107,000 could drive further gains.

Medium-Term Trends

On the 4-hour chart, Bitcoin remains range-bound between $104,000 and $109,000, with decreasing momentum on pullbacks. Key support at $104,000 may offer buying opportunities, while resistance at $107,000 and $109,000 could lead to selling unless a breakout occurs above $110,000.

Traders should approach resistance cautiously and implement strict stop-loss strategies, as volume analysis shows weak buying strength during retracements.

Long-Term Perspective

The daily chart highlights Bitcoin’s broader uptrend, rallying from $89,164 to $109,356, followed by consolidation. Strong support is seen between $98,000 and $100,000, while resistance levels cluster at $109,000 to $110,000.

Although trading volume has declined, the uptrend remains intact. Swing traders could consider entering near support levels with targets at resistance zones, while stop-losses below $98,000 can help manage risk.

Technical Indicators

Indicators show mixed signals:

  • Relative Strength Index (RSI): Neutral at 60
  • Stochastic: Neutral at 76
  • Momentum Oscillator: Bearish at 4,023
  • MACD: Bullish at 2,169

Bitcoin is currently trading well above its 10-period to 200-period moving averages, signaling continued bullish momentum.

Bullish vs Bearish Scenarios

Bullish Outlook:

  • Bitcoin’s solid support levels and bullish signals from moving averages indicate positive market sentiment.
  • A breakout above $109,000 with strong volume could push BTC toward $115,000, reinforcing bullish momentum.

Bearish Outlook:

  • Declining volume and fading momentum raise concerns about the rally’s sustainability.
  • A breakdown below $104,000 may lead to a retest of the $100,000 level or lower, signaling a broader correction.

Conclusion

Bitcoin’s consolidation at $104K presents both opportunities and risks. While the broader trend remains bullish, traders should stay cautious amid declining volume and key resistance levels. The next major move hinges on whether BTC can break above $107,000 or if support at $104,000 fails to hold.

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Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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