Bitcoin's Bullish Momentum Stalls Below Key Resistance
The trump coin crypto pricecryptocurrency market witnessed Bitcoin attempting to break through the psychologically significant $105,000 barrier before encountering substantial selling pressure. The leading digital asset has since retreated below crucial technical levels, suggesting potential short-term weakness in the market structure.
BTC's upward trajectory stalled at the $105,000 resistance level, triggering profit-taking activity
The digital asset currently trades beneath both the $103,800 pivot point and the 100-hour moving average
Technical charts show breakdown of an ascending trendline that previously provided support near $103,600
Market participants await clearer directional signals as volatility persists within the current trading range
Technical Breakdown of Bitcoin's Recent Price Action
After establishing a solid foundation around $102,500, Bitcoin demonstrated strength by conquering multiple resistance zones. The cryptocurrency successfully surpassed the $103,500 hurdle before extending gains toward $104,200. This bullish momentum culminated in a spike to $104,980 before encountering resistance that prompted the current pullback.
The correction has seen BTC surrender approximately 23.6% of its recent upward movement, measured from the $100,772 swing low to the $104,980 peak. This retracement aligns with typical market behavior following significant price advances, as traders often book profits at key psychological levels.
Market technicians note the importance of the $102,850 level, which coincides with the 50% Fibonacci retracement of the recent upswing. This zone currently serves as a battleground between buyers looking to establish positions and sellers aiming to push prices lower. Should this support hold, immediate resistance awaits at $103,600, followed by more substantial barriers at $104,200 and the crucial $105,000 threshold.
Potential Scenarios for Bitcoin's Next Move
The cryptocurrency faces two distinct pathways in the near term, depending on how it interacts with current price levels. A decisive break above $104,200 could reignite bullish momentum, potentially propelling BTC toward $106,500 and possibly even challenging the $108,000 territory. Such a move would require substantial buying volume to overcome existing supply at higher levels.
Conversely, failure to maintain current support levels might trigger additional downside pressure. The $102,850 zone represents the first critical support, with more substantial buying interest likely emerging near $101,750. Should these levels fail to hold, attention would shift to the $100,500 support cluster, with the psychological $100,000 mark serving as a major line in the sand for market participants.
Technical indicators currently suggest:
Hourly MACD shows increasing bearish momentum in the short-term timeframe
RSI readings hover below the neutral 50 level, indicating weakening buying pressure
Critical support zones at $102,850 and $101,750 may determine near-term direction
Resistance levels at $104,200 and $105,000 remain key obstacles for bulls
Market participants continue monitoring these technical developments closely, as Bitcoin's ability to hold or break through these levels could set the tone for the next significant price movement in the cryptocurrency markets.