Bitcoin Consolidates Below All-Time High with $109K Resistance in Focus
Bitcoin is consolidating between $100,000 and $112,000 amid geopolitical tensions and macroeconomic uncertainty. Despite this volatility, Bitcoin remains above $100,000, indicating resilience. Key points include:
- Current trading below all-time high with strong resistance around $109,000–$112,000.
- Multiple failed breakout attempts in the past month.
- Altcoins have seen significant declines of 10% to 50%, emphasizing Bitcoin's dominance.
- Bitcoin has gained over 15% since early May, recovering from a low of $75,000.
- Analysts are monitoring the $110,000–$112,000 resistance zone closely.
- Risk of false breakouts exists; confirmation is necessary for a significant move.
Bitcoin's current price is $107,319, just below the critical resistance at $109,300. Key support is at $103,600. The long-term trend remains bullish, bolstered by upward sloping moving averages:
- 50-week SMA: $85,147
- 100-week SMA: $66,505
- 200-week SMA: $49,239
Volume is muted, indicating traders are waiting for confirmation before entering new positions. Success above $109,300 could lead to price discovery, while failure could see the $103,000–$105,000 zone tested again.
