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- Bitcoin trades at $111,670, up 1.61% in 24 hours, while trading volume drops 18.56% to $63.46B, showing caution.
- Key levels to watch: resistance at $115K for bullish continuation and support at $104K as the last defense zone.
- RSI at 54 signals neutrality, while MACD shows weak momentum, leaving Bitcoin vulnerable to sharp volatility.
Bitcoin (BTC) is currently experiencing indications of a market recovery. The coin has been trading at $111,670, indicating a 1.61% growth in the last 24 hours. The trading volume has also declined by 18.56% to reach $63.46 billion, indicating hesitation among the investors.
Source: CoinMarketCap
Within the last seven days, BTC has declined by 2.11%, demonstrating further bearish dominance. Although the short-term bounce is encouraging, it may face significant pressure. Traders have become keen to observe whether Bitcoin will sustain its momentum or fall into defeat.
Bitcoin’s Battle Between $115K Resistance and $104K Support
Analyst Egrag Crypto highlighted the resistance level as $115,000. A weekly close above this mark would validate stronger bullish energy. In addition, it may present an opportunity to achieve new heights. Bitcoin is at risk of remaining in a tight range without such a breakout.
The significant support zone is at the level of $104 000. This rate aligns with the Fibonacci 1.272 level, which is viewed as a significant technical resistance. Breaking this resistance line would be considered critical to maintaining the longer-term bullish pattern. A breakdown at this point can initiate a more potent selling activity.
Source: X
Bitcoin Market Shows Balance Despite Declining Volume
As per CoinGlass data, the total trading volume decreased by 38.57 percent to $77.37 billion, suggesting a decrease in participation. Open interest increased by 0.10 percent to $81.58 billion, indicating a balance in the derivatives positions. The funding rate was at 0.0080%, indicating a conservative but stable mood.
Source: CoinGlass
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RSI Holds Steady as MACD Shows Mild Strength
The Relative Strength Index (RSI) is at 54, which places Bitcoin in the neutral zone. This implies that neither side holds a leading position in the market. It also demonstrates the potential of an upward trend when the coin is not yet in overbought territory above 70.
The MACD moves slightly positive. Although there is a slight gap, the MACD line is situated above the signal line. This implies that there is momentum, but it is weak so far. A greater difference with higher histogram bars would point more confidently to a trend.
Source: TradingView
Bitcoin circulates between the two significant markers, resistance at 115K and support at 104K. An increase in buying activity may result from a breakout above the resistance level. Additionally, a close below support may induce further selling. Traders are still monitoring these zones to determine the next direction of Bitcoin.
Also Read: Metaplanet Targets 210,000 BTC with Bold $1.2B Fundraising Plan
