Bitcoin Tests $109,300 Resistance After Bouncing From $105,000 Support
Bitcoin has shown increased volatility, fluctuating around crucial price levels as market participants anticipate a breakout or breakdown. Key points include:
- Support tested at $105,000 with a rebound towards resistance at $109,000.
- A decisive move above $112,000 is needed to confirm an upward trend.
- The market remains uncertain with potential for continued range-bound conditions.
- Technical analysis indicates strong support from the 50-day moving average and exponential moving average, suggesting sustained buyer interest.
Market Outlook
Bitcoin is positioned for potential expansion, aiming to break its all-time high, which could initiate bullish momentum across the crypto market. Additional details include:
- Consistent defense of key demand zones around $105,000 signals strong market control by bulls.
- A bounce from the MA/EMA cluster reinforces the uptrend.
- Closing above $112,000 may trigger a surge in altcoins.
Bitcoin is currently testing the critical $109,300 resistance level after a strong bounce from $105,000. Recent activity includes:
- A 1.93% increase, reclaiming key moving averages around $106,000.
- Renewed buying interest evident through increased volume.
- Failure to break above $109,300 could lead to a decline towards the $103,600 demand zone.
