Bitcoin Price Reaches $103,676 Amid Mild Bullish Momentum

The price of Bitcoin surged from below $85,000 to a peak of $104,700 since mid-April, driven by positive investor sentiment and capital inflows from BTC exchange-traded funds (ETFs). However, Bitcoin has struggled to break the $102,000 - $105,000 consolidation range recently, raising concerns about the sustainability of this bullish trend.

Key Insights from Expert Analysis

Crypto expert Tony Severino noted that Bitcoin's recent price action lacks typical bullish aggression.
The daily relative strength index (RSI) has not surpassed the 70 threshold, which historically indicates strong buying pressure during bull runs.
Current market behavior appears cautious, unlike previous significant rallies characterized by rapid RSI increases.
Severino mentioned the potential for a bullish impulse if the RSI breaks above 70, which could lead to a breakout from the current consolidation phase.

Current Price Status

As of the latest update, Bitcoin is valued at approximately $103,676, with only a 0.8% increase over the past week, indicating minimal price movements in the last 24 hours.