Bitcoin prices remain stable, supported by important market levels. Analysis suggests that the asset may soon start a new rally.
Support and Resistance Levels of Bitcoin
After several tests, Bitcoin's support level above $104,400 has strengthened, which may signal an opportunity to reach new highs. Analysts point to the $110,545 level as key for Bitcoin to enter a new price discovery phase.
Institutional Activity and Market Setup
On the 4-hour charts, Bitcoin shows a favorable structure for breaking out of the range. Current levels around $109,000-$110,000 indicate that buyers are actively defending these positions. Analysts suggest that breaking the $110,545 level could lead to new all-time highs.
Long-Term Holders and Current Trends
According to Glassnode data, some long-term holders have begun taking profits, which may indicate asset rotation rather than panic selling. Such actions typically occur before temporary price declines, but there is a positive outlook for the market if levels above significant barriers are maintained.
Considering current support levels and institutional investor activity, Bitcoin may chart a course towards new records. It is crucial to monitor the asset's behavior in the coming weeks.
