After a strong rally to new all-time high levels above $111k last month, it experienced a noticeable retracement. The decrease has sparked considerable attention among market participants waiting for potential signals for the next Bitcoin move.
As the crypto market is low from recent highs, Bitcoin is up by 1.09% over the last 24 hours to $105,200. At the time of writing, Bitcoin is trading down. For the present price action, the total market cap of Bitcoin reached $2.09 trillion, with a 24-hour trading volume of $24.84 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 has retraced strongly from its recent high. Currently, Bitcoin is trading around $105,200 with a first level of support at $104,836. If the price manages to break this level, we can see a downfall to the next support at $103,738, and a decline in price below this level will push the price to fall to the price level at $103,026.
On the upside, we can see in the chart that the first level of resistance is at $105,805, followed by the next resistance at $106,509, and $107,782. 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
Bitcoin is currently experiencing a correction phase and is trading within a crucial range of support and resistance levels. If the price manages to break through these resistance levels, we can expect a stronger upward trend or a sideways movement in the coming trading sessions. However, if the resistance levels are not breached, the market may enter a bearish phase.
Traders should consider these key support and resistance levels to enter long or short positions following the price break from the key levels. Also, traders can combine moving averages for more accurate entry and exit points.
