Bitcoin begins the new week on a strong note, bouncing back from the recent geopolitical sell-off triggered by tensions between Israel and Iran. With bullish momentum returning to the market, BTC has reclaimed key support levels and is eyeing its local highs.
Corporate treasuries like Metaplanet and MicroStrategy are further fueling optimism with large-scale Bitcoin acquisitions, reinforcing bullish sentiment across the market
As the crypto market is in strong bullish momentum, Bitcoin is currently at $106,700 in the last 24 hours at the time of writing. For the present price action, the total market cap of Bitcoin reached $2.12 trillion, with a 24-hour trading volume of $23.45 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 $106,700 with a first level of support at $106,135. If the price manages to break this level, we can see a downfall to the next support at $104,270, and a decline in price below this level will push the price to fall to the price level at $102,631.
On the upside, we can see in the chart that the first level of resistance is at $107,183, followed by the next resistance at $108,404, and $109,165. 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 short correction the Bitcoin has recovered and is showing strong momentum towards the upside. In the next trading sessions, we can anticipate either a longer period of sideways movement or a greater rising trend if the price is able to break through the resistance levels. On the other hand, the market can go into a negative period if the price fails to move above the resistance 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.
