Bitcoin's consolidation above the $104,000 mark could be key before potentially achieving new all-time highs.
The $104,400 Checkpoint
According to market analyst Rekt Capital, Bitcoin has spent six weeks retesting the $104,400 level as support. The analyst noted that this followed a breakout from a multi-month 're-accumulation range.' He emphasized the significance of holding the $104,400 level on weekly closes: 'It’s difficult to talk about lower prices until the $104,400 level breaks down.'
Market Behavior
Despite geopolitical tensions caused by the conflict between Israel and Iran, Bitcoin has maintained its structural support. At the time of writing, BTC was trading around $105,569, a 2% drop in the past 24 hours, and a 3.4% decrease over the last week, while retaining a 60.2% gain year-to-date. Analyst Daan Crypto Trades noted that 'a significant price move is expected in the coming weeks,' while data suggests a decline in selling pressure from long-term holders.
Conclusion
Thus, Bitcoin is in a critical position, and its ability to hold the $104,400 level could be a key factor for further bullish momentum in the market.
In conclusion, Bitcoin's current situation highlights its potential for growth as it navigates critical price levels.
