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Bitcoin is at the moment buying and selling across the $105,000 mark after a short uptick to $107,000 prior to now 24 hours. Notably, this marks the second time Bitcoin has rejected round $107,000 prior to now few days. Despite this volatility, Bitcoin managed to shut final week’s candle above a key resistance stage that had capped its worth motion for weeks. This shut, recorded simply above the purple horizontal line at $103,000, has launched confidence in the continuation of the uptrend, and factors to the bulls nonetheless in command of Bitcoin’s worth motion.
Bitcoin Weekly Closes Above Vary – First Bullish Step
Present Bitcoin worth motion reveals that bullish traders and consumers are nonetheless controlling the momentum behind the biggest cryptocurrency and, in essence, the remainder of the crypto market. Notably, Bitcoin initially skilled a short surge to almost $107,000 over the weekend earlier than retreating.
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This worth motion was followed by a dip to round $102,000, with the back-and-forth almost certainly being influenced by components similar to Moody’s downgrade of U.S. debt and investor reactions to potential rate of interest cuts by the Federal Reserve.
Nevertheless, in an attention-grabbing notice, the BTC worth managed to shut above the $103,000 vary throughout this primary transfer to $107,000, which is essential by way of technical evaluation going ahead. This sentiment is echoed by crypto analyst Rekt Capital on social media platform X, who identified the subsequent step which may play out for Bitcoin.
Put up-Breakout Retest Underway, Says Rekt Capital
The $104,000 worth stage had previously acted as a stubborn ceiling all through a lot of the current Bitcoin worth consolidation between $102,000 and $104,000 since Might 9. Nevertheless, since breaking above this stage, the following worth motion has seen the Bitcoin worth retracing in direction of this stage after another rejection at $107,000.
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In response to crypto analyst Rekt Capital, the dip following the $107,000 rejection isn’t necessarily bearish. As a substitute, it might be a part of a post-breakout retest, a sample typically seen in robust bullish buildings.Â
If this retest efficiently confirms the previous resistance as new assist, BTC may set the stage for a breakout into contemporary all-time highs. As proven within the 1W Bitcoin worth chart above, the purple resistance stage could be very near Bitcoin’s January 2025 all-time excessive round $108,780.
Moreover, the chart reveals that the current breakout above the $90,000–$103,000 zone seems to reflect a sample of Bitcoin’s breakout after a consolidation transfer, after one other bounce from a low. On this case, the bounce occurred at the $75,000 low in early April.Â
If Bitcoin does rebound with sufficient buying and selling quantity round $104,000, this might present the much-needed momentum for a transfer above $107,000 and finally above $108,700 again. On the time of writing, Bitcoin is buying and selling at $105,555, up by 2.9% prior to now 24 hours.
Featured picture from Adobe Inventory, chart from Tradingview.com