Bitcoin’s bullish momentum has slowed in recent weeks, and its price action is now confined to a tightening range. The leading cryptocurrency continues to encounter strong resistance at $105,000, which has repeatedly hindered attempts to break above this level. This period of consolidation follows the Federal Reserve’s decision to leave its benchmark interest rate unchanged on Wednesday, adding to market uncertainty and keeping traders in a cautious, wait-and-see stance amid broader macroeconomic and geopolitical challenges.
As the crypto market is in a consolidation phase, Bitcoin is currently at $104,800 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 $27.44 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 $104,800 with a first level of support at $103,454. If the price manages to break this level, we can see a downfall to the next support at $102,620, and a decline in price below this level will push the price to fall to the price level at $101,474.
On the upside, we can see in the chart that the first level of resistance is at $105,616, followed by the next resistance at $107,746, 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 consolidation, 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.
