Technical Analysis Shows Consolidation Near $105,000 Level
The post Technical Analysis Shows Consolidation Near $105,000 Level appeared on BitcoinEthereumNews.com.
TLDR Bitcoin price tested the $103,200 support zone after declining from $110,500 BTC is now trading above $105,000 and the 100-hourly simple moving average Bitcoin exchange reserves have fallen to an all-time low of 2.5 million BTC Institutional accumulation is increasing with large holders steadily adding to their positions Technical indicators show mixed signals but point to potential upward movement if $106,000 resistance is broken Bitcoin is currently navigating through a consolidation phase after experiencing a decline that brought its price down to test support at $103,200. The leading cryptocurrency had previously reached highs of around $110,500 before the pullback occurred. The price is now trading above the $105,000 level and the 100-hourly Simple Moving Average, suggesting that the market is stabilizing after the recent drop. Technical analysis reveals a bearish trend line with resistance near $105,550 on the hourly chart. For Bitcoin to begin a fresh rally, it needs to clear the immediate resistance at $106,000, followed by a more important barrier at $106,800. If BTC manages to break above these levels, it could potentially target the $108,000 resistance and possibly reach back toward the $110,000 mark. On the downside, if Bitcoin fails to overcome the $106,000 resistance, it might face another decline. Support levels to watch include $105,000, $104,200, and the recently tested $103,200 zone. Bitcoin Price on CoinGecko Exchange Reserves at Historic Lows A key development in the Bitcoin market is the dramatic decrease in exchange reserves, which have fallen to an all-time low of just under 2.5 million BTC as of late May 2025. This metric, which tracks the amount of Bitcoin held on centralized exchanges, has been on a steady downward trend even as the price has reached new all-time highs above $111,500. The divergence between declining exchange reserves and rising prices is considered a…
Filed under: News - @ June 2, 2025 10:26 am