Bitcoin is not in a hurry to choose a direction. The largest cryptocurrency in the world has rebounded between support and resistance. Bitcoin currently has support between $ 106,700 and $ 107,600. Each dive in this area was welcomed by purchasing. On the other hand, the resistance of about $ 113,000 to $ 113,500 was difficult to break, keeping a lid on the gatherings.
According to an analyst, this is a classic case of consolidation: the price rise is rejected, folds up, then bounces again. Until one of these walls yields, Bitcoin is likely to continue to move laterally.
The momentum fades
On the weekly graphic, Bitcoin is still technically on a bullish market, indicated by the super trendy signal remaining green. But there is a catch. A great down divergence appears and it has been taking place for more than a month. This simply means that the momentum slows down, which often leads to more agitated trading before the next real movement.
Even the 3 -day graph gives mixed signals. The MacD heads for a bullish crossover, but it crawls there instead of loading. Traders looking for a break will probably need more patience.
Monitoring levels
If Bitcoin can finally increase to $ 113,500, the following goal is about $ 117,000. But if he slides below $ 106,800, the sellers could take control and we could see a passage at deeper levels of support.
The liquidation data show hot spots at the two ends of the beach:
- $ 113,800 – $ 114,000 upwards
- $ 106,800 to $ 107,10 in the decline
This allows Bitcoin to sweep the two zones, hitting the stop losses above the resistance and below the support, before entering the same side range.
What it means for Altcoins
Bitcoin domination began to bounce slightly. Historically, this is bad news for altcoins, at least in the short term, because money tends to return to Bitcoin. Ethereum, for example, was stuck between $ 3,900 and $ 4,900, reflecting Bitcoin’s indecision. Solana also shows new models but has not burst either.
