- Bitcoin trades between $90,900 and $108,500, with resistance near $100,000, signaling potential breakout or correction.
- Over 161,000 liquidations occurred as open interest dropped 5.61%, while Bitcoin consolidates at $104,589.
- Support at $104,000 holds, with resistance near $107,000 and $109,000; break above $110,000 may signal further upside.
Bitcoin ($BTC) continues to trade within a crucial range of $90,900 to $108,500, facing strong resistance near the $100,000 psychological level. The recent dip to $98,630 underscores heightened volatility, with traders closely monitoring key levels. A breakout above $108,500 could ignite a bullish rally, while a drop below $90,900 may trigger a deeper correction.
According to analyst Ali Martinez, Bitcoin remains in a consolidation phase within its current trading range. The price briefly slipped below $100,000, reinforcing market uncertainty. Chart data suggests a decisive move in either direction will shape the next major trend. Traders are advised to monitor price action to confirm bullish or bearish momentum.
Recent market turbulence has resulted in over 161,000 traders facing liquidations, highlighting extreme volatility. CoinGlass data reveals that open interest dropped 5.61% to $113.45 billion, while trading volume plunged 43.19% to $194.42 billion. As a result, Bitcoin now trades at $104,589, consolidating within a tightening range.
Bitcoin Faces Resistance Near $107K and $109K
Bitcoin’s intraday movement indicates continued consolidation between $104,000 and $107,000, following rejection near $107,149. Support remains strong at $103,000, while resistance is $106,500. A breakout above $107,000 could fuel further upside momentum, yet declining trading volume suggests market participants await a catalyst for directional movement.
On the 4-hour chart, Bitcoin remains within a consolidation zone between $104,000 and $109,000. Support at $104,000 provides buying opportunities, while resistance at $107,000 and $109,000 could trigger selling. A decisive break above $110,000 may confirm further upside momentum.
The daily chart underscores Bitcoin’s broader uptrend, which saw a rally from $89,164 to $109,356 before pausing. Key support levels sit between $98,000 and $100,000, while resistance clusters near $109,000. Declining volume signals weakening momentum, urging traders to monitor critical price levels closely.
Market oscillators show conflicting signals, with the Relative Strength Index (RSI) at 60 and Stochastic at 76, indicating neutrality. The Moving Average Convergence Divergence (MACD) suggests a buying signal, aligning with bullish indicators from both the Exponential and Simple Moving Averages. BTC trades above its 10-200 period moving averages, reinforcing its overall bullish trajectory.
Read More: Bitcoin’s Bull Flag Setup Could Propel Price to $140K After Consolidation
