The crypto market is down again, with only a few of the top 100 coins showing any gains in the past 24 hours. Bitcoin has fallen below the $105,000 mark as investors react to rising global tensions and upcoming economic decisions. The conflict between Israel and Iran, along with the U.S. getting more involved, is creating fear across all markets. At the same time, traders are waiting to see what the U.S. Federal Reserve will say in its next meeting, adding more uncertainty.
As the crypto market is in strong bearish momentum, Bitcoin is currently at $104,700 in the last 24 hours at the time of writing. For the present price action, the total market cap of Bitcoin reached $2.08 trillion, with a 24-hour trading volume of $33.53 billion.
In this overview, we will analyse the key technical levels and trend directions for Bitcoin to monitor in the upcoming trading sessions. The chart mentioned below is based on the 15-minute timeframe.
Bitcoin Chart Analysis & BTCUSD Price Action.
Currently, Bitcoin is trading around $104,700 with a first level of support at $103,390. If the price manages to break this level, we can see a downfall to the next support at $100,377, and a decline in price below this level will push the price to fall to the price level at $97,834.
On the upside, we can see in the chart that the first level of resistance is at $105,548, followed by the next resistance at $107,694, and $108,848. If the price manages to break above the first level of resistance this level we can see an upside movement to the next level of resistance in the next trading sessions.
In Closing
Following a recent uptrend, Bitcoin is currently in a strong downtrend, indicating further downside. In the next trading sessions, we can anticipate either a longer period of sideways movement or a greater downward trend if the price is able to break through the support levels. On the other hand, the market can go into a positive period if the price fails to move below the support levels. Traders should pay attention to these key support and resistance levels when considering long or short positions in response to price movements. Additionally, combining moving averages can help provide more accurate entry and exit points.
