Bitcoin Weekly Closes Above $103,000 After Rejection at $107,000
Bitcoin is trading around $105,000 after briefly reaching $107,000 in the past 24 hours. This is the second rejection near $107,000 recently. Last week, Bitcoin closed above a key resistance level at $103,000, indicating bullish momentum.
Weekly Close Above Resistance
- Bitcoin's price movement shows bullish control over momentum.
- After a surge to nearly $107,000, it retreated to around $102,000.
- Price fluctuations are influenced by Moody’s U.S. debt downgrade and potential Fed interest rate cuts.
- The close above $103,000 during the rise to $107,000 is significant for technical analysis.
Post-Breakout Retest Observations
- The $104,000 level served as a previous ceiling during consolidation.
- Rejection at $107,000 led to a dip, which may indicate a post-breakout retest rather than a bearish trend.
- A successful retest could confirm new support and set the stage for an all-time high breakout.
- Current price movements resemble historical patterns following consolidation.
- If Bitcoin rebounds with sufficient volume around $104,000, a breakout above $107,000 could follow.
Currently, Bitcoin is priced at $105,555, reflecting a 2.9% increase in the last 24 hours.
