Bitcoin is making waves again—after dropping below $102K, it’s now rebounding with strength. Traders and investors are watching closely as BTC just broke it’s short-term resistance level at $106,800. The question on everyone’s mind: Is this the start of another bull run or just a short-lived bounce?
Quick Summary:
Bitcoin Technical Analysis: What’s Going On?
Bitcoin (BTC/USDT) has staged a promising recovery after dipping to the $101,400 support zone.
Looking at the current daily chart, Bitcoin has started forming higher lows again, which is a classic bullish sign. Traders are treating this as a potential continuation of the broader uptrend that started earlier this year. But this isn’t a guaranteed green light—there are hurdles ahead.
Key Support and Resistance Levels
Bitcoin just broke short-term resistance at $106800 and is currently trading around $107,200.
- Strong Support: $101,400 – reinforced by the 50-day moving average
- Immediate Resistance: $109,465 – a previously tested level that needs to break for further gains
- Next Price Target: $110,800 – if BTC closes above $109,465 with strong volume
Holding above $101,400 is essential to keep the bullish structure intact. If this support fails, the next potential drop could drag BTC down toward $98,000, making that the next key level to watch.
RSI and Momentum Signals
The Relative Strength Index (RSI) is currently around 58 on the daily chart. This is a good sign—it shows that Bitcoin has room to run before becoming overbought. It also suggests that bullish momentum is building, but not peaking just yet.
Traders often use the RSI as a warning signal for overheated conditions, and in this case, it’s flashing a cautious but positive green light. If RSI moves above 70, we may see a short cooldown. But for now, momentum is on Bitcoin’s side.
Crypto Fear & Greed Index
The current Crypto Fear & Greed Index stands at 55, indicating a neutral market sentiment with slight bullish undertones. Compared to last week’s score of 57, sentiment remains stable, suggesting cautious optimism among investors.
Trend Line and Moving Average Support
The upward-sloping trend line remains intact, supporting the bullish case. As long as Bitcoin stays above this trend line and the 50-day moving average, the broader trend remains positive.
Short-Term Bitcoin Price Prediction
In the short term (next 1–2 weeks);
- Rally toward $109,465, a local resistance
- Push into the $110,000 psychological zone
However, if BTC closed below $106,800 again, expect a retest of $103,000 or even the strong base at $101,400.
Long-Term Bitcoin Outlook
Zooming out, the macro picture for Bitcoin remains bullish. The fundamentals are improving with growing institutional interest and rumors of further ETF approvals. If BTC can hold above its key moving averages through June and July, we could see a broader move toward $115,000–$120,000 over the next quarter.
That said, investors should keep an eye on macroeconomic signals, interest rate talks, and global liquidity trends. These factors could either fuel Bitcoin’s next big leg up or create short-term volatility.
But caution is still needed. Crypto is volatile, and markets can change fast. So whether you’re a long-term HODLer or a short-term trader, now’s the time to stay sharp and trade with discipline.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research and consult with a professional financial advisor before making investment decisions.
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