Bitcoin held steady on Thursday, supported by improving risk sentiment as the Middle East ceasefire continued to hold, calming broader market fears. Despite the stability, BTC remained confined within its recent trading range, reflecting a cautious tone among traders. In the previous session, Bitcoin rose 0.44% to $108,328, fueled by renewed institutional interest, with reports suggesting a growing number of corporate entities were accumulating BTC as part of their asset diversification strategies.
Adding to the sentiment, U.S. mortgage giants Fannie Mae (OTC:FNMA) and Freddie Mac (OTC:FMCC) are reportedly exploring the recognition of cryptocurrency as a valid asset in mortgage applications. While still in early stages, this development hinted at growing mainstream acceptance, offering some limited upside support for Bitcoin.
However, as of 04:47 GMT+4, Bitcoin had given up most of its earlier gains, trading down 0.54% at $107,309, as traders remained hesitant to push prices higher without a strong breakout catalyst and profit taking.
PRICE LEVELS TO WATCH
On the 4-hour chart, the initial overall trend was bearish until price broke above the previous lower high, signaling a Break of Structure (BOS). However, as BTC catches its breath with price action and RSI signaling more room to the downside, sellers are eyeing support at $106,263. A break below this level could open the path toward the next potential target around $104,820. On the flip side, if bulls regain control, a break above $108,328 would likely trigger a move toward $109,011, with a potential extension to $110,442. Analysts note that breakouts in either direction remain on the table, given current market volatility.
Adding to the sentiment, U.S. mortgage giants Fannie Mae (OTC:FNMA) and Freddie Mac (OTC:FMCC) are reportedly exploring the recognition of cryptocurrency as a valid asset in mortgage applications. While still in early stages, this development hinted at growing mainstream acceptance, offering some limited upside support for Bitcoin.
However, as of 04:47 GMT+4, Bitcoin had given up most of its earlier gains, trading down 0.54% at $107,309, as traders remained hesitant to push prices higher without a strong breakout catalyst and profit taking.
PRICE LEVELS TO WATCH
On the 4-hour chart, the initial overall trend was bearish until price broke above the previous lower high, signaling a Break of Structure (BOS). However, as BTC catches its breath with price action and RSI signaling more room to the downside, sellers are eyeing support at $106,263. A break below this level could open the path toward the next potential target around $104,820. On the flip side, if bulls regain control, a break above $108,328 would likely trigger a move toward $109,011, with a potential extension to $110,442. Analysts note that breakouts in either direction remain on the table, given current market volatility.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.