After Bitcoin’s recent breakout above $106,000, the price has come to a crossroads. BTC has hit a critical resistance zone around $107,000 in the short term. This area has historically been a turning point for past rallies. Bitcoin’s relative strength index (RSI) shows that its momentum has weakened somewhat, having climbed into the overbought zone since May 15. A move into this zone usually signals a short-term pullback. This means that BTC could be about to see a short-term pullback, especially when the RSI signals overbought. This degree of profit-taking usually increases selling pressure and triggers a significant drop in the price of the asset.
Major Support and Resistance Levels
BTC is considering support between $95,850 and $98,730 in the short term. At least 1.19 million wallets have accumulated more than 1 million BTC at the $98,732 price level, making this price level a major demand area. If BTC falls below this support level, the asset could see a deeper pullback. However, if BTC maintains above the support level, the asset is likely to consolidate and accumulate momentum for the next leg up. After that, $116,900 will be the next major target. Therefore, the Bitcoin price range shows that $98,131 and $116,900 will be the key support and resistance levels for BTC in the coming weeks.
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Major Support and Resistance Levels
BTC is considering support between $95,850 and $98,730 in the short term. At least 1.19 million wallets have accumulated more than 1 million BTC at the $98,732 price level, making this price level a major demand area. If BTC falls below this support level, the asset could see a deeper pullback. However, if BTC maintains above the support level, the asset is likely to consolidate and accumulate momentum for the next leg up. After that, $116,900 will be the next major target. Therefore, the Bitcoin price range shows that $98,131 and $116,900 will be the key support and resistance levels for BTC in the coming weeks.
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Continuously release precise trading plans to lead members to expand profits, with a stable profit of 988% every month. If you have not made a profit yet, then join us. t.me/fahsufnwks
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.