Bitcoin's price continues to test key support levels, maintaining a bullish structure despite resistance near $106K.
Bitcoin Tests Key Support
Bitcoin recently dropped to the lower boundary of its current trading range, retesting support near $101,165. This level has held multiple times, indicating strong demand at this price point. However, the descending trendline exerts pressure limiting upside potential.
Consolidation Before Movement
Bitcoin's previous attempt to break above the blue diagonal trendline was unsuccessful, confirming persistent bearish sentiment. Losing this key support could lead to targets at $91,070 and $87,325. The current consolidation phase could result in heightened volatility in the coming days.
Optimism and Plans for $120K
Despite short-term resistance, Bitcoin remains within an ascending channel, supporting the broader bullish trend. A breakout above $100,000 has increased buyer interest, with Bitcoin aiming for the upper boundary near $120,000. However, resistance near $120,000 may slow the upward pace.
Bitcoin's price continues to consolidate within the $101,000 to $106,000 range. A breakout above $106,000 could lead to significant gains, while key levels of $91,070 and $87,325 remain crucial if the price declines.
