Steadfast cryptocurrency support found at $100,000, according to analyst's perspective.
Take a Gander at the Current Bitcoin Landscape: Resistance and Support Levels
Bitcoin prices, trading in a tight range these days, have found some robust support around the $100,000 mark, according to analyst Tim Enneking.
Enneking, managing partner of Psalion, believes that the $100,000 level has shifted from strong resistance to even stronger support. "While $100k appears to be a strong bottom, $110k is now the resistance," he stated via email.
Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital, agrees, stating that traders are watching $112,000 as the next key resistance—both a Fibonacci extension level and a psychological target. "If that breaks, $120K could come into play quickly," added DiPasquale.
On the flip side, if Bitcoin dips, analysts say there are several important levels to watch. Enneking identified $100,000 as the short-term support, adding that a break below this level might see the price testing $95,000. Stronger support is seen around $90,000.
"Overall, it's still a bullish structure, but the closer we get to all-time highs, the more likely we see volatility and profit-taking," he added.
TikTok influencer Wendy O also weighed in, providing technical analysis and commenting on key developments driving price movements. "Right now, Bitcoin is consolidating between key support at $102,000 and all-time high $111,000. Generally, when we see these sideways patterns, we can anticipate a volatile move up or down," she said.
She also pointed out that the recent news regarding Trump and Musk's falling out briefly broke the trend, acting as a mini Black Swan event. "I think because of the geopolitical uncertainty with the economy, interest rates decision (to lower or keep the same), conflict, I think it's safe to follow the news to determine what's next for Bitcoin as any announcement in the news can cause extreme volatility."
Key Resistance and Support Levels Based on Expert Opinion:
- Resistance Levels:
- Around $106,000 to $107,000 is a critical resistance zone Bitcoin is testing, with potential rejection possible near $107,000.
- Additional resistance is noted around $111,500 to $112,000, marking a potential breakout zone for new highs.
- Support Levels:
- The immediate key support is near $103,000, where momentum currently hovers and buyers are expected to defend.
- A broader Bull Market Support Band lies between roughly $94,570 and $96,508, serving as reliable bounce zones since March 2023.
- A critical support zone near $97,000 is also noted in case of bullish rejection from current resistance.
This analysis suggests that Bitcoin faces stiff resistance around $112,000, with key support zones maintaining momentum above $94,500-$97,000. The upcoming weeks and months will be critical in determining if BTC can break past these resistance levels to reach new highs projected near $125,000 to $150,000 by year-end.
Bitcoin is expected to face resistance around $106,000 to $107,000, with additional resistance noted around $111,500 to $112,000, according to expert technical analysis. On the other hand, immediate key support is near $103,000, with a broader Bull Market Support Band between roughly $94,570 and $96,508 serving as reliable bounce zones since March 2023. This analysis indicates that Bitcoin needs to overcome resistance levels in order to reach projected new highs, possibly nearing $125,000 to $150,000 by the end of the year, solidifying its position as a leading digital currency in the investing world.
