Key Takeaways:
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Bitcoin Price Consolidates as resistance to $ 105,000 prevent a rally to new high all-time.
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Dealers are a bit bearish, but historical data suggests that a sudden bullish trait should not be excluded.
Bitcoin (BTC) price has been consolidated within a roughly $ 3,500 range over the past seven days as the $ 105,000 level of the overhead resistance to break.
Bitcoin not able to crack $ 105,000
Data from Cointelegraph Markets Pro and Bitstamp show that BTC’s price has fluctuated between its $ 105,000 and $ 105,000 resistance level, where it has found support.
“$ BTC is stuck in a narrowing of $ 101.5k -$ 104k -ranking,” Swissblock said in a post 16 May on X.
Onchain data provider said Bitcoin began to consolidate after two failed attempts to break over the resistance to $ 105,000.
“With the coming weekend, the resolution is likely to be delayed unless we get a Friday break.”
For the market’s intelligence company Santiment, failure to rise past the level of $ 105.00 has the traders tilt a little bearish.
“Markets generally tend to move against the audience’s expectations, which suggests that there is an increased likelihood that crypto markets will rise because of this increased fear,” the company explained in an X -post and added:
“Retailers begin to show impatience, which historically is a bullish sign of prices.”
BTC price is missing “Serious Catalyst”
Bitcoin has managed to maintain $ 100,000 as support for over a week while hit 14-week heights of $ 105,700 on May 12.
Despite following broad volatility across risk assets, BTC/USD could have gone even higher if it wasn’t for maneuvers of large volume trade units on Exchange Order books, according to trade resource material indicators.
Related: Bitcoin hits $ 220K ‘reasonable’ in 2025, says gold -based forecast
Looking at Binance Exchange, material indicators said that large blocks of ash liquidity were stacked over the spot price and attached the BTC price in the area.
An accompanying diagram shows that these liquidity clusters are currently between $ 105,000 and $ 110,000.
“Unless we have a serious catalyst, I do not expect to see a sustainable breakout to the high high territory for all the time until BTC has a legitated support test for $ 100,000,” it said in a May 16-post of X.
Material indicators added that a key level to look at the disadvantage was the range of $ 98,000- $ 100,000.
“With all the above in mind, you need to be prepared for a support test in the $ 98,000- $ 100,000 series, but watch out for short clamps and bull traps until it happens.”
Bitcoin Bulls are struggling to keep key support levels
Meanwhile, Trader Daan Crypto Trades said “the start of the recent step” to $ 93,000 was important for Bitcoin dealers in the future.
Bitcoin deals “Far away from all major liquidity clusters. The price did not act for a long time up here yet. So after the first squeeze of shorts, there are not so many new positions built around this area,” said his X -post, adding:
“The main level to look for would be local heights over $ 106,000 and below down to $ 93.00, which was the start of the recent move.”
Material indicators were further aware of the 50-day and 100-day simple movement average (SMAs), key long-term trend lines forming a bullish cross, indicating a “strong upward momentum for the macro trend.”
For MN Capital founder Michael van de Poppe is $ 98,000 an “crucial area to hold on to” to secure continuation upwards.
This article does not contain investment advice or recommendations. Each investment and trade movement involves risk, and readers should make their own research when making a decision.