Bitcoin Retests $106,500 Resistance Amid Bullish Sentiment and ETF Investments

Analyst Crypto Patel indicates that Bitcoin is retesting a key resistance level at $106,500. The price action at this point may lead to either a bullish continuation or a pullback.

Bitcoin briefly rose above $105,000 on May 12 but has since shown little movement.
US BTC spot ETFs have attracted nearly $2 billion in net weekly investments, signaling strong bullish sentiment.
If Bitcoin can surpass the $106,500 resistance, it may aim for $120,000; failure could see prices drop to $75,000.
The Relative Strength Index (RSI) suggests a potential price correction as it has recently moved from overbought levels.
Macroeconomic factors, like the US-China tariff truce and high institutional investment, could support a bullish trend.

Current Market Data

Bitcoin is currently valued at $103,355, reflecting a 1.62% decline over the past week but a 21.46% gain over the month.

Fear & Greed Index stands at 74, indicating investor greed.
CoinCodex predicts Bitcoin may reach $127,872 in five days, followed by a correction to around $111,616.
Long-term projections estimate Bitcoin could hit $155,583 in three months and $148,167 in six months.