- Bitcoin nears $105,533, breaking key resistance at $104,471, signaling bullish momentum and strong investor confidence.
- $101,165 acts as solid support amid market volatility, while breaching $100K shows growing accumulation and bullish sentiment.
- Sustained higher highs and lows suggest Bitcoin’s strong uptrend, with analysts eyeing $110K as the next key target.
Bitcoin is progressing testing critical resistance levels as it hovers above the psychological $100,000. The cryptocurrency showed fresh upward momentum when it recently broke through the $104,471 obstacle. The capacity of Bitcoin to set greater highs and higher lows, indicating significant investor confidence and purchasing pressure, is highlighted by analysts at Rekt Capital.
The price, currently at $105,533, demonstrates resilience, with the $101,165 support holding firm amid past volatility. Bitcoin’s recent weekly close, however, failed to solidify above this resistance. Yet, this week has shown strong efforts to press beyond it. The market dynamics suggest a critical battle between bulls and bears.
Key Levels and Market Dynamics
The $104,471 resistance level has historically been a formidable barrier, with previous rejection marked by bearish red candlesticks. Nevertheless, Bitcoin has reclaimed this territory, with the support level at $101,165 offering stability. A previous bounce off this support reinforced bullish momentum. Notably, the $91,070 and $87,325 levels acted as pivotal supports during earlier declines.
Source: Rektcapital
Moreover, the psychological $100,000 plays a role in shaping price action. Breaching this milestone underscores investor confidence, leading to accumulation and heightened buying activity. Historical resistance levels, once surpassed, tend to serve as strong support, further strengthening Bitcoin’s position for upward movement.
Bullish Indicators and Future Prospects
Bitcoin’s price reveals alternating red and green candlesticks, indicating heightened market volatility. Long wicks on several candles highlight market indecision and liquidity hunts. However, the sustained higher lows and highs confirm a bullish trend.
Breaking and holding above $104,471 could pave the way for further gains. If Bitcoin sustains this momentum, analysts anticipate targets beyond $110,000. Conversely, a breakdown below $101,165 might signal a potential pullback toward lower levels, such as $91,070 or $87,325.
The absence of volume and momentum indicators in the chart does not obscure the evident buying strength. Additionally, consolidation phases have been followed by robust breakout attempts, suggesting a healthy trend structure.
The post Bitcoin Reclaims $104K Resistance: Analysts Predict Strong Rally to $110K appeared first on Cryptonewsland.
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