Despite the positive news regarding trade between the US and China, as well as favourable Consumer Price Index (CPI) numbers from the United States, Bitcoin’s price failed to move above its all-time high. The cryptocurrency has encountered significant resistance above the $110,000 mark, indicating that bearish forces are trying to prevent it from reaching its all-time high. This resistance has been evident through multiple rejections above $110,000 over the past few days. Many altcoins are also experiencing losses today.
As the crypto market is in a downtrend after a strong bullish momentum, Bitcoin is currently at $106,900 in the last 24 hours at the time of writing. For the present price action, the total market cap of Bitcoin reached $2.13 trillion, with a 24-hour trading volume of $34.30 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 $106,900 with a first level of support at $106,290. If the price manages to break this level, we can see a downfall to the next support at $104,990, and a decline in price below this level will push the price to fall to the price level at $103,747.
On the upside, we can see in the chart that the first level of resistance is at $107,958, followed by the next resistance at $110,367, and $112,009. 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 trading lower after experiencing a significant bull run. If the price successfully breaks through the resistance levels, we can expect either a stronger upward trend or a period of sideways movement in the upcoming trading sessions. Conversely, if the resistance levels are not surpassed, the market may enter a bearish phase.
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.
