Bitcoin is showing new signs of strength after reclaiming a key technical level that historically signals the start of short-term rallies.
Bitcoin Recaptures the 50-Day EMA
According to an analysis by CryptoQuant, Bitcoin has successfully moved back above its 50-day exponential moving average (EMA), commonly used to identify significant shifts in market dynamics. In the past, after dropping below the 50-day EMA and subsequently recovering, Bitcoin's price has often increased by 10-20%. Currently, Bitcoin has closed above this mark for three consecutive days.
Geopolitical Factors Affecting the Market
Analyst İbrahim COŞAR believes that the current conditions could lead to Bitcoin reaching $120,000, although he warns of potential volatility resulting from geopolitical events involving the United States, Israel, and Iran.
Technical Analysis and Potential Support Levels
At present, Bitcoin is trading at $106,720. Investor interest remains strong, as evidenced by inflows into ETFs. Bitcoin is approaching the upper band around $110,100, and if it can consolidate above the $105,700-$106,000 range, this may lead to price increases. However, for the bullish trend to continue, Bitcoin must overcome the resistance level of $108,000-$110,000.
Thus, despite geopolitical risks, Bitcoin demonstrates resilience and attracts investor attention, which may signal potential further growth.
