Bitcoin continues to display a positive market sentiment, finding support at the $107,245 level. Analysts note that every minor dip is being purchased by investors.
Current Market Situation Analysis
Bitcoin is attempting to bounce off moving averages, indicating that investors are purchasing on dips. Although the price is below the all-time high of $111,980, it is not yet in the overvalued zone. CryptoQuant contributor Axel Adler Jr. noted in a post on X that the Mayer Multiple at 1.1x is 'within the neutral zone (0.8–1.5x).'
Bitcoin Price Forecast
Bitcoin is being squeezed between the 20-day exponential moving average ($107,314) and the overhead resistance of $110,530. The upsloping 20-day EMA and the relative strength index (RSI) in the positive zone signal that the break may happen to the upside. If the $110,530 resistance is scaled, the BTC/USDT pair could challenge the all-time high at $111,980.
Possible Scenarios of Development
Sellers are expected to fiercely defend the neckline since a break above it will complete the bullish setup. This opens the door for a potential rally towards the target of $150,000. However, if the price turns down and breaks below $106,642, it could lead to a drop to $104,500 and then to $100,000.
In summary, the current position of Bitcoin indicates a positive market sentiment. It is essential to monitor resistance and support levels to assess future price movements.
