U.S. President Donald Trump announced a complete ceasefire between Israel and Iran, potentially bringing an end to the 12-day conflict. This announcement came late on Monday. In response to the de-escalation in the Middle East, the cryptocurrency market experienced a strong uptrend today. Bitcoin has remained above the critical support level of $100,000. However, the market’s strength will determine whether this bullish trend continues. Following the news, Bitcoin surged and tested the $106,000 level in the last 24 hours.
As the crypto market is in a strong uptrend, Bitcoin is currently at $105,186 with an upside of 7.5% in the last 24 hours at the time of writing. For the present price action, the total market cap of Bitcoin reached $2.09 trillion, with a 24-hour trading volume of $52.58 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.
Bitcoin is currently trading at $105,186 with a strong upward momentum. The first key support level is at $104,634. If the price falls below this level, the next support is at $102,593. A further decline could lead Bitcoin to drop to $99,562. A breakdown below the support level could lead to a strong downtrend below the $100k, where a support level around $98,162 can be seen. These support levels are crucial, as breaking below them could trigger increased selling pressure and momentum toward a downtrend.
On the upside, the first resistance level is at $106,048, followed by higher levels at $107,724 and $108,921. If Bitcoin breaks above the initial resistance, it could help the coin achieve further gains toward the next resistance zones in the upcoming trading sessions. Monitoring these resistance levels will be important for traders seeking signs of renewed bullish momentum.
In Closing
After a recent downtrend, Bitcoin is in a strong uptrend, indicating a strong reversal from its downtrend. In the coming trading sessions, there is a higher likelihood of continued downside, especially if the price breaks through key support levels. If this happens, we could see a deeper correction, while a failure to break below support might result in a period of sideways movement rather than a strong recovery.
Traders should closely monitor these critical support and resistance levels when planning long or short positions, as price action around these zones will be crucial in determining the next move. Given the current bearish sentiment, combining these levels with moving averages can help identify more precise entry and exit points, improving risk management in this volatile environment.
