Bitcoin is not in a hurry to choose a direction. The world’s largest cryptocurrency bounced between support and resistance. Bitcoin currently has support between $ 106,700 and $ 107,600. Every dip in this zone has been purchased with buying. On the other hand, the resistance from around $ 113,000 to $ 113,500 was difficult to break, which kept a lid on rallies.
According to an analyst, This is a classic case of consolidation: the price climbing, is rejected, falls back and then bounces again. Until one of these walls gives way, Bitcoin will probably continue to move sideways.
Momentum fades
On the weekly graph, Bitcoin is still technically in a bull market, indicated by the super trend signal that remains green. But there is a catch. A large Bearish divergence appears and it has been playing for more than a month. That simply means that the momentum slows down, which often leads to more turbulent trade before the next real movement.
Even the 3-day graph gives mixed signals. The MacD drives to a bullish crossover, but it crawls there instead of charging. Traders who are looking for an outbreak probably need more patience.
Levels to watch
If Bitcoin can finally penetrate $ 113,500, the next goal is around $ 117,000. But if it slides under $ 106,800, sellers can take control and we can see a switch to deeper support levels.
Liquidation data Show hotspots at both ends of the range:
- $ 113,800 – $ 114,000 at the top
- $ 106,800 – $ 107,100 to the disadvantage
That makes it possible Bitcoin wipes both zones, with stop losses above the resistance and under the support, before he settles back in the same side reach.
What it means for Altcoins
Bitcoin Dominance started to bounce somewhat. Historically, that is bad news for Altcoins, at least in the short term, because money has the tendency to return to Bitcoin. For example, Ethereum is stuck between $ 3,900 and $ 4,900, with reflection of the indecision of Bitcoin. Solana also shows new patterns, but has also not broken out.