Bitcoin Weekly Closes Above Range High Despite Crash From $107,000, Why The Bulls Are Still In Charge
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Bitcoin is presently buying and selling across the $105,000 mark after a short uptick to $107,000 previously 24 hours. Notably, this marks the second time Bitcoin has rejected round $107,000 previously few days. Despite this volatility, Bitcoin managed to shut final week’s candle above a key resistance stage that had capped its value motion for weeks. This shut, recorded simply above the crimson horizontal line at $103,000, has launched confidence within the continuation of the uptrend, and factors to the bulls nonetheless in command of Bitcoin’s value motion.
Bitcoin Weekly Closes Above Vary – First Bullish Step
Present Bitcoin value motion exhibits that bullish buyers and patrons are nonetheless controlling the momentum behind the biggest cryptocurrency and, in essence, the remainder of the crypto market. Notably, Bitcoin initially skilled a short surge to just about $107,000 over the weekend earlier than retreating.
Associated Studying
This value motion was adopted by a dip to round $102,000, with the back-and-forth most certainly being influenced by components equivalent to Moody’s downgrade of U.S. debt and investor reactions to potential rate of interest cuts by the Federal Reserve.
Nonetheless, in an attention-grabbing observe, the BTC value managed to shut above the $103,000 vary throughout this primary transfer to $107,000, which is essential by way of technical evaluation going ahead. This sentiment is echoed by crypto analyst Rekt Capital on social media platform X, who identified the subsequent step which may play out for Bitcoin.
Publish-Breakout Retest Underway, Says Rekt Capital
The $104,000 value stage had beforehand acted as a cussed ceiling all through a lot of the latest Bitcoin value consolidation between $102,000 and $104,000 since Might 9. Nonetheless, since breaking above this stage, the following value motion has seen the Bitcoin value retracing in direction of this stage after another rejection at $107,000.
Associated Studying
In line with crypto analyst Rekt Capital, the dip following the $107,000 rejection isn’t essentially bearish. As a substitute, it might be a part of a post-breakout retest, a sample typically seen in robust bullish buildings.
If this retest efficiently confirms the previous resistance as new assist, BTC might set the stage for a breakout into recent all-time highs. As proven within the 1W Bitcoin value chart above, the crimson resistance stage may be very near Bitcoin’s January 2025 all-time excessive round $108,780.
Moreover, the chart exhibits that the latest breakout above the $90,000–$103,000 zone seems to reflect a sample of Bitcoin’s breakout after a consolidation transfer, after one other bounce from a low. On this case, the bounce occurred on the $75,000 low in early April.
If Bitcoin does rebound with sufficient buying and selling quantity round $104,000, this might present the much-needed momentum for a transfer above $107,000 and lastly above $108,700 once more. On the time of writing, Bitcoin is buying and selling at $105,555, up by 2.9% previously 24 hours.
Featured picture from Adobe Inventory, chart from Tradingview.com
