Bitcoin is currently trading near $105,000, fresh off a historic milestone where it crossed $100,000 for the first time last Wednesday, peaking at an all-time high of $104,000. This breakthrough past the six-figure mark is a big deal, it’s a psychological level that many traders have been watching for years.
Since hitting $104,000, Bitcoin’s price hasn’t just kept climbing, it’s taken a breather. On the 4H timeframe, we’ve seen some back-and-forth action, with the price pulling back from its peak to test lower levels before stabilizing around $105,000. This pullback isn’t unusual after a big breakout; it’s Bitcoin’s way of catching its breath. The chart shows a pattern of higher highs and higher lows over recent weeks, which keeps the uptrend intact, but the latest consolidation hints that the market is deciding its next move.
Key Levels:
The $104,000 mark, the recent all-time high, is now a resistance level (Bitcoin will need some serious buying power to push past it again). On the flip side, $78,000 is a major support level; if the price drops that far, it could signal trouble for the bulls. Closer in, $100,000 might hold as support now that it’s been conquered, while $90,000 and $94,000 could act as stepping stones for any dips or bounces in the near term.
Bitcoin’s price is dancing around its 50, 100, and 200-period moving averages. This clustering suggests a tug-of-war between buyers and sellers, with no clear winner yet. The Relative Strength Index (RSI) has cooled off, dropping to levels we last saw when Bitcoin dipped below $78,000. This could mean the market’s a bit oversold, setting the stage for a bounce if buying picks up. For now, the price ranging near these moving averages might be building a foundation for the next big push.
Market Sentiment:
The vibe around Bitcoin is a mixed bag right now. On one hand, there’s optimism, big inflows into BTC ETFs since the U.S. election and talk of a new SEC chief have people feeling bullish. On the other hand, some traders are cautious, pointing to a bearish RSI divergence on the 4H chart and warning of a possible correction if support levels crack. It’s a classic case of hope versus hesitation, and the chart reflects that uncertainty as Bitcoin hovers in this consolidation zone.
Wrapping it up, Bitcoin at $105,000 is in an interesting spot on the chart. The uptrend is still alive with those higher highs and lows, but this consolidation phase could go either way. If the RSI and moving averages hint at a reversal, we might see a run toward $104,000 or beyond. But if $78,000 gives way, a deeper pullback could be on the cards, keep $90,000 and $94,000 in sight as potential pit stops. Stay sharp and watch these levels, because Bitcoin’s next move could be a big one.
Since hitting $104,000, Bitcoin’s price hasn’t just kept climbing, it’s taken a breather. On the 4H timeframe, we’ve seen some back-and-forth action, with the price pulling back from its peak to test lower levels before stabilizing around $105,000. This pullback isn’t unusual after a big breakout; it’s Bitcoin’s way of catching its breath. The chart shows a pattern of higher highs and higher lows over recent weeks, which keeps the uptrend intact, but the latest consolidation hints that the market is deciding its next move.
Key Levels:
The $104,000 mark, the recent all-time high, is now a resistance level (Bitcoin will need some serious buying power to push past it again). On the flip side, $78,000 is a major support level; if the price drops that far, it could signal trouble for the bulls. Closer in, $100,000 might hold as support now that it’s been conquered, while $90,000 and $94,000 could act as stepping stones for any dips or bounces in the near term.
Bitcoin’s price is dancing around its 50, 100, and 200-period moving averages. This clustering suggests a tug-of-war between buyers and sellers, with no clear winner yet. The Relative Strength Index (RSI) has cooled off, dropping to levels we last saw when Bitcoin dipped below $78,000. This could mean the market’s a bit oversold, setting the stage for a bounce if buying picks up. For now, the price ranging near these moving averages might be building a foundation for the next big push.
Market Sentiment:
The vibe around Bitcoin is a mixed bag right now. On one hand, there’s optimism, big inflows into BTC ETFs since the U.S. election and talk of a new SEC chief have people feeling bullish. On the other hand, some traders are cautious, pointing to a bearish RSI divergence on the 4H chart and warning of a possible correction if support levels crack. It’s a classic case of hope versus hesitation, and the chart reflects that uncertainty as Bitcoin hovers in this consolidation zone.
Wrapping it up, Bitcoin at $105,000 is in an interesting spot on the chart. The uptrend is still alive with those higher highs and lows, but this consolidation phase could go either way. If the RSI and moving averages hint at a reversal, we might see a run toward $104,000 or beyond. But if $78,000 gives way, a deeper pullback could be on the cards, keep $90,000 and $94,000 in sight as potential pit stops. Stay sharp and watch these levels, because Bitcoin’s next move could be a big one.
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Join our channel:
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Related publications
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.