Bitcoin has surpassed the $102,000 mark again after a significant drop that caused panic among investors. The swift recovery followed a surge in demand.
Overview of Bitcoin's Movement
After a sudden drop that brought Bitcoin down to an intraday level near $102,000, the asset quickly recovered. The drop coincided with the lower Bollinger Band on the 4-hour chart. Traders responded by triggering a V-shaped bounce that lifted the price to $102,800 by early Asian trading.
Key Support and Resistance Levels
Bitcoin has now reclaimed the $102,000 level with short-term moving averages providing support. The psychological $100,500 area and the 0.382 Fibonacci retracement at $97,660 are next in line if another drop occurs. Resistance is noted around the $104,800 level, which once acted as strong support, is now a major barrier.
Market Outlook and Impact
Short-term sentiment has turned cautiously optimistic following the sudden rebound. Broader strength in equities has also contributed to this shift, helping crypto assets regain some ground after the recent liquidation-driven slide. However, strong resistance zones must be cleared before bulls can regain full control.
Bitcoin's sharp rebound above $102,000 has reignited hopes for a short-term recovery. Nevertheless, strong resistance levels must be overcome before bulls can fully regain control.
