The Bitcoin price goes to phase consolidats before the overvoltage scheduled for $ 106,000 at $ 110,000
After an explosive escape that took Bitcoin in Strategic rhythm of consolidation. To date, Bitcoin is negotiating about $ 103,000, and a technical analysis shows that this phase could be calm before another important push towards the range of $ 106,000 to $ 110,000.
According to Rlinda, crypto analyst on tradingView, recent consolidation is not a sign of exhaustion but rather Gather for the next step.
Consolidation of bitcoin prices between the key levels of dynamics
The bitcoin rally of the breakdown area of ​​$ 97,860 in the resistance area of ​​$ 104,300 marked a clear distribution phase, and now the price ranges between $ 104,300 and $ 102,300. It is easy to see that the price rally has slowed down massively in the last 48 hours.
However, Crypto Analyst Rlinda noted that This movement linked to the beach is a positive development, pointing towards optimistic continuation rather than weakness. A rebound of the lower end of this area, in particular from $ 103,300, $ 102,300, or even as low as $ 101,700, could act as a springboard for an escape attempt greater than $ 104,300.
In particular, the analyst stressed that this third retest failed to push the price to resistance, leading to a local drop instead. However, the resulting violation of $ 103,336 shows that the underlying force is always intact. If Bitcoin retains successful $ 103,600 and bounce back into the liquidity area between $ 102,700 and $ 102,300, the main cryptocurrency could make another attempted resistance of $ 104,300.
If this takes place, the next leg could reach up to $ 106,000, or even $ 107,000, and from there, additional momentum could generate the price above its highest current level of $ 108,786 up to $ 110,000 before the end of May. Price target beyond this level varies from $ 120,000 to $ 180,000 Before the end of the year.
Graphic image TradingView: Rlinda
Chain signals strengthen upward perspectives
This short -term consolidation is Do not occur in isolation with a sale pressure. In particular, data on the chain and the feeling of the market support the ascending path of Bitcoin for the rest of the month.
According to Crypto Ali Martinez analyst, more than 110,000 BTCs were removed from centralized exchanges in the last month. As illustrated in the Cryptocurrency graphics below, This brought the total Bitcoin reserve on crypto exchanges of 2.57 million BTC to 2.45 million BTC.
It is a sign that investors move their assets in cold storage or prepare for a long -term catch, which reduces immediate sales pressure And takes care of the prices increase.
Chart Image of X: @ali_charts
Currently, the most important support levels to monitor are $ 103,300, $ 102,300 and $ 101,700, while the resistance to new heights of all time are $ 104,300 and $ 108,786.
At the time of writing this document, Bitcoin was negotiated at $ 103,670.
Felash star image, tradingView graphic
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