After an explosive outbreak that took Bitcoin in addition to the $ 100,000 mark, the price action has now lowered in a well -known yet Consolidation strategy. As of today, Bitcoin deals around $ 103,000, and technical analysis shows that this phase may be calm before another significant driving force against $ 106,000 to $ 110,000 interval.
According to Rinda, a crypto analyst at Tradingview, the latest consolidation is not a sign of fatigue but rather a strategic Regrouping for the next leg upwards.
Bitcoin price consolidation between key levels that build momentum
Bitcoin rally from $ 97,860 Breakout zone to $ 104,300 resistance area highlighted a clear distribution phase, and now the price is floating between $ 104,300 and $ 102,300. It is easy to see that the price rally slowed massively in the last 48 hours.
Crypto Analyst Rlinda noted it This interval -bound movement is a positive development that points to the Hausse continuation rather than weakness. A recovery from the lower end of this zone, especially from $ 103,300, $ 102,300, or even as low as $ 101,700, can act as a springboard for a breakout attempt over $ 104,300.
Noteworthy, the analyst emphasized that this third review failed to push the prize back to resistance, which led to a local drop instead. However, The resulting crime of $ 103 336 shows that the underlying strength is still intact. If Bitcoin should test about $ 103,600 successfully and bounce the liquidity zone between $ 102,700 and $ 102,300, the leading Cryptocurrency may make another attempt to break through the $ 104 300 resistance.
If this plays out, the next leg can reach up to $ 106,000 or even $ 107,000, and from there additional momentum can drive the price over its current maximum time of $ 108,786 to $ 110,000 before the end of May. Prize target beyond this level varies from $ 120,000 to $ 180,000 before the end of the year.
Diagram about From TradingView: Tear
Signals on the chain reinforce Hausseartan views
This short -term consolidation is not occurs isolated with sales pressure. Noteworthy supports data on the chain and marketing entry Bitcoin’s upward for the rest of the month.
According to crypto analyst Ali Martinez, more than 110,000 BTC has been withdrawn from centralized exchanges over the past month. Which is illustrated in Cryptoquant -diagram below, This has caused the total Bitcoin reserve on cryptout changes to drop from 2.57 million BTC to 2.45 million BTC.
This is a sign that investors are moving their holdings to the refrigeration storage or prepare for long -term direction, which Immediately reduces sales pressure and supports price measures upwards.
Chart Image from X: @ali_charts
Right now, the most important support levels are to look at $ 103 300, $ 102 300 and $ 101,700, while resistance levels against new holidays are $ 104,300 and $ 108,786.
At the time of writing, Bitcoin traded to $ 103,670.
Image from Unsplash, charts from TradingView
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