- Bitcoin slipped below $105,650 support, hitting a low of $104,279 before slight recovery attempts.
- Key resistances at $105,500 and $106,220 challenge Bitcoin’s near-term breakout potential.
- Ethereum outperforms, testing $2,677 and boosting optimism for the altcoin market revival.
Bitcoin recently faced renewed bearish pressure, dipping below the $105,650 support zone. It even reached as low as $104,279 before attempting a slight recovery. BTC now trades under $105,000, indicating market hesitation. Despite the recent drop, consolidation near current levels suggests the possibility of a near-term price rebound.
Currently, Bitcoin hovers above $104,500, and the 23.6% Fibonacci retracement of its recent drop from $106,820. It’s also forming a bullish trend line with support near $104,450, providing some technical strength. However, broader resistance looms, particularly at $105,500 and $106,220, which traders are watching closely.
Bitcoin’s Technical Patterns Indicate Strength
Crypto analyst Crypto Johnson recently highlighted Bitcoin’s unusual state—trading at $105,000 while overall sentiment stays low. This suggests a disconnect between price and market mood. He believes such phases often precede significant upward moves, especially when key technical patterns point toward long-term bullish strength.
Altcoins continue to lag, heavily affected by prolonged bearish conditions. Johnson points out the ETH/BTC chart as a vital factor, reflecting Ethereum’s weakness relative to Bitcoin. Once Ethereum starts outperforming again, it may serve as a trigger for altcoins to surge, offering potential relief to beleaguered portfolios.
Ethereum Outperforms as ETH/BTC Watch Intensifies
Ethereum has shown relative strength recently, breaking above the $2,500 mark and testing $2,677. It outperformed Bitcoin during this move, raising optimism among traders. ETH is now consolidating above $2,550 and trading above the 100-hourly Simple Moving Average, supported by a rising channel around the $2,600 level.
Despite a small decrease of under $2,620, Ethereum is still well-placed above major support areas. Traders are now closely watching the ETH/BTC ratio for further signs of reversal. If ETH continues to gain momentum, it could revive interest across altcoins, potentially leading to wider market recovery.
Resistance for Bitcoin in the short term can be found at $105,500 and $106,220. A strong breakout above $106,800 could eventually give access to levels like $107,500 and perhaps $110,000. In case the resistance line cannot be crossed, the price of BTC is likely to backslide to $104,200 first and then even $103,200 and $102,500 levels. A significant level of support is located at $101,200.
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