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BTC holds strong above $104K after April rally! Eyes now on $106,750 resistance for the next breakout. Technicals stay bullish, institutions keep buying the cryptocurrency as optimism for bitcoin’s rise does not seem to wane.
Bitcoin (BTC), the world’s largest cryptocurrency, is currently trading at around $104,228, showing a small increase of 0.47% from the previous day. On May 12, BTC moved between a low of $103,719 and a high of $105,525, indicating steady but cautious trading behavior. This comes after a strong rally that pushed Bitcoin from below $90,000 in April to over $105,000 in early May.
Bitcoin’s current trend shows signs of a consolidation phase, where the price remains within a range without sharp movement in either direction. This phase often appears before the market makes a strong move, either upward or downward. The key question for investors now is whether Bitcoin can break above current resistance levels and continue rising, or if it will correct and fall back slightly before climbing again.
Bitcoin is currently moving sideways after its recent rally. The price is stuck near a key level and shows signs that the market is deciding on its next direction. This consolidation is healthy and common after a large price increase.
Important resistance levels are currently near $106,750 and $107,300. These are the price points where sellers may return, causing Bitcoin to slow down or reverse. On the other hand, key support levels sit around $105,000 and $103,800, which means buyers are likely to step in and protect the price from falling further.
To understand how Bitcoin might move next, traders look at technical indicators. These tools use past price and volume data to predict future movements.
RSI is now near the overbought zone. This suggests that Bitcoin may be due for a short-term pullback, as the price has risen quickly in recent weeks. However, during strong uptrends, RSI can remain high for longer periods.
MACD has made a bullish crossover, meaning the trend is currently in favor of buyers. This often signals the beginning of a new upward move.
Despite the strong price action, trading volume has been slightly lower, which shows that while prices are rising, some major investors might be cautious or waiting on the sidelines.
Several important global events and economic factors are helping Bitcoin maintain its high price levels:
Trade talks between the U.S. and China have seen progress recently. This has helped boost investor confidence globally, including in the crypto market. When global uncertainty goes down, assets like Bitcoin often benefit.
Large financial institutions continue to invest in Bitcoin through Exchange-Traded Funds (ETFs) and other financial products. These inflows show that big investors are treating Bitcoin as a serious long-term asset.
Analysts have noticed that Bitcoin’s price is closely linked to the amount of money available in the global financial system. With current liquidity levels staying high, Bitcoin has benefited from strong demand.
Market analysts are watching several key levels and have shared their expectations for the coming days and months.
In the short term, Bitcoin may test $106,750 and $107,300. If it breaks through these resistance levels with high volume and buying support, the price could continue to rise. However, if it fails to hold support at $103,800, a short pullback could occur, possibly bringing the price down to $100,000 before attempting another rally.
If bullish momentum continues, Bitcoin may retest its all-time high of around $109,225. Some predictions even suggest the price could move toward $120,000 by mid-2025, assuming positive economic conditions and strong investor interest remain.
Watch how Bitcoin behaves around $105,000. A bounce from this level would confirm strong buying interest. A break below might lead to a price correction.
Rising volume would confirm the strength of a breakout. If prices rise but volume stays low, the rally may not be sustainable.
Any big updates in the global economy, especially related to inflation, central bank decisions, or geopolitical developments, can have an immediate effect on Bitcoin.
Often, Bitcoin's movement influences other cryptocurrencies. If altcoins start outperforming BTC, it may signal a temporary slowdown in Bitcoin's dominance.
Bitcoin is currently at an important level, trading just above $104,000. After a strong rally in April, it is now taking a breather and consolidating. This pause gives the market time to build strength for the next move.
Technical indicators like RSI and MACD show mixed but slightly bullish signals. Meanwhile, global news and financial conditions remain supportive for risky assets like cryptocurrencies. Bitcoin’s next challenge will be to break above $106,750. If that happens, the path to new all-time highs may become clearer.
Still, caution is necessary. Short-term volatility is always a part of crypto trading. Staying informed about key price levels and market sentiment will be essential for understanding where Bitcoin might go from here.
