Bitcoin Consolidates Above $103,000 as Breakout or Drop Looms
Bitcoin's price has stabilized just above $103,000 after a rally earlier this month. It is currently in a tight consolidation range, facing resistance around $107,000. Recent trading indicates indecision and low momentum.
Breakout Signal Above $107K
- A daily close above $107,000 is crucial for a bullish outlook.
- Price has repeatedly approached but failed to sustain this level since December 2024.
- A confirmed close above $107,000 may lead to new all-time highs.
- Traders are advised to be cautious until this threshold is decisively cleared.
Potential Trap Setup Towards $98K
- Analyst TehThomas suggests Bitcoin’s current range between $100,000 and $105,800 could be a trap for traders.
- The price is expected to briefly rise above $105,800 before dropping to the liquidity zone between $98,000 and $97,500.
- This drop would be invalidated if Bitcoin holds above $105,800 with strong volume.
Currently, Bitcoin is priced at $103,914, showing a slight decrease of 0.06% in the last 24 hours.