Bitcoin shows growth and approaches a significant resistance level after last week's sharp sell-off. The cryptocurrency trades at $106,685, marking a 1.41% increase over the past 24 hours.
Price Dynamics of Bitcoin
After dipping to $100,377, Bitcoin has now registered four consecutive days of gains. It reached a record high of $106,958 before slightly slowing its rise near the $107,000 mark. Last week's peak price was $106,901, and this level may become a strong resistance.
Inflation Report Expectations
Swissblock noted that market participants are preparing for possible swings due to upcoming reports. Consumer price index figures are expected on Wednesday, followed by producer price index data a few days later. These reports could significantly influence investors' market perceptions.
Technical Levels and Forecasts
Despite short-term resistance, technical indicators suggest a strengthening bullish structure. According to Swissblock, bulls appear to be regrouping and preparing for a shift in momentum. In the near term, Bitcoin could dip to around $104,000 before making a notable upward move.
This week will be crucial as key inflation figures may significantly impact monetary policy. Bitcoin is currently fluctuating between $107,000 and $104,000, and traders are alert for signs that may confirm whether bulls are regaining control or if a deeper pullback is imminent.
