Bitcoin Faces Stiff Resistance Below $105K Amid Market Indecision

Bitcoin is currently facing resistance at the $105,000 mark, trading at $103,811.42 with a 2% gain in the past 24 hours and a 17% increase in trading volume. Despite this volume increase, momentum has stalled below $105K, with a daily high of $104,432.72.

Technical Resistance and Market Sentiment

  • BTC has consolidated in the $101,500–$104,000 range after two failed attempts to breach $105K.
  • Analysts suggest resolution may be delayed without a breakout by Friday.
  • Crowd sentiment has turned slightly bearish, which historically suggests potential for a bullish move.
  • Material Indicators note that Bitcoin may need a support test around $100,000 for a true breakout.
  • Sell orders are building above the current price while buy orders shift lower, indicating a possible retest of support near $100K.

Market Indicators

  • The 50-day moving average crossed above the 100-day moving average, forming a Golden Cross signaling long-term bullish momentum.
  • A breakout above $105K could lead to targets around $108,765 and $110K.
  • A drop below $100K could push prices toward $98K, with further support at $84,442 and $73,992.
  • Longer-term downside targets include $59,003 and $40,609 in the event of a macro breakdown.
BTC 1D Chart with BoP and Fib levels

BTC 1D Chart with BoP and Fib levels | Source: TradingView