Despite the slight drop in Bitcoin’s dominance, the price closed strongly last week following a fresh break to a new high. It is footing another leg up while the fear and greed index stands at 80 due to overbought.
Bitcoin’s daily structure remains highly bullish in the long term due to a consistent surge in the past month. The crypto pushed higher yesterday and comfortably entered the $106,000 range, closing last week bullish.
Prior to the latest break up, the primary crypto flash crashed to a low of $90,500 earlier this month following a sudden rejection at $104,000. The price recovered and traded at around $100k throughout last week.
Despite the low volatility movement in the past weeks, the trend is still considered bullish on the daily chart. Though it appears to be gathering momentum for another leg up. The breakout could set the market up for a huge price movement if the demand level increases significantly.
In case of a drop, BTC must break below the current monthly low before considering a broader retracement. Currently, the trend is still in favour of the bulls, and as a result, more surges are expected in the future.
BTC’s Key Levels To Watch
If Bitcoin pushes above the newly marked all-time high of $106,648, the next key level for an increase would be $110,000, followed by $115,000.
For now, the psychological $100,000 level is considered as support. A drop below it could roll the price back to the $94,150 support – last week’s low. Below this support lies the monthly $90,500 low. Lower supports for broader retracement are $85,072, $81,500 and $77,200.
Key Resistance Levels: $106,648, $110,000, $115,000
Key Support Levels: $100,000, $94,150, $90,500
- Spot Price: $104,592
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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