- Bitcoin has consolidated between $90K and $105K for three months, nearing a potential breakout above resistance.
- RSI breakout above 60.90 indicates bullish momentum, often preceding significant market activity.
- Trading volume surged to $176.99B, supporting Bitcoin’s climb to $106,774.57 in January 2025.
Bitcoin has held a close trading range for the past three months, signaling a likely price movement. The cryptocurrency’s price is currently positioned near the upper boundary of this range, drawing attention from traders and analysts. Key technical indicators also point toward the possibility of a breakout, with notable developments in momentum metrics.
RSI Breakout Indicates Momentum Shift
The Relative Strength Index (RSI), a widely monitored momentum indicator, has already broken out of its range. This divergence between price action and RSI movement often precedes market activity. Historically, such RSI behavior has correlated with increased buying or selling pressure, depending on the breakout direction.
Tracking analyst observations, Bitcoin’s price appears to be consolidating within a defined range between $90,000 and $105,000. A potential price breakout is observed near $105,000, indicating the price’s repeated testing of resistance.
The RSI (Relative Strength Index) displayed a descending trendline break, moving above 60.90, signaling bullish momentum. The price consolidation in the upper range suggests a build-up of pressure near resistance levels. The RSI breakout aligns with the possibility of a strong upward movement if the price clears the range high decisively.
Price Nearing Range Highs and Market Movements
BTC’s price is now testing the upper limit of its three-month trading range. This level has acted as a significant resistance area during this consolidation phase. Market participants are closely observing this level, as breaking above it could trigger an extended upward move.
A breakout from the current range could result in heightened volatility as traders reposition their strategies. The interaction between Bitcoin’s price and its range boundary will determine the market’s next trajectory. A sustained move above the resistance zone may attract increased buying activity.
At the time of press, Coinglass data notes that Bitcoin’s price reached $106,774.57, with trading volume hitting $176.99 billion. The BTC price steadily climbed from mid-September, experiencing significant spikes in both price and volume.
Notable volume surges occurred during price increases, indicating heightened market activity. The trading volume remained relatively high throughout January 2025, supporting the upward momentum in price.
The post Bitcoin Hits $106K as Trading Volume Surges to $176.99B: What Comes Next? appeared first on Cryptonewsland.
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