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- Bitcoin eyes historic weekly close above $105K, a key resistance level. A breakout could signal a new all-time high soon.
- Ethereum shows unusual gap down, signaling possible turning point. Traders should watch for rebound or lower support retest.
- Analysts focus on Bitcoin’s consolidation above $103K-$105K range, anticipating a breakout that could lead to new ATH levels.
Bitcoin (BTC) is dominating the cryptocurrency market this week. Analysts are paying keen attention because Bitcoin may close the weekly candle above $105K for the first time this year. If this occurs, this would be a significant achievement for the cryptocurrency, and a new all-time high (ATH) may come faster than one might anticipate.
According to Egrag, a weekly close above $105 K would be historic achievement for Bitcoin. This price level has been a crucial level of resistance; exceeding it may provoke the Bitcoin’s price to grow. There is consolidation in the market being focused above $103K – $105K and a breakout above that may take price to new ATH levels.
Source: X
Opportunities at $102K Support
Daan Crypto Trades also identified the significance of the $102K area with a tight pack of liquidation clusters. Traders should monitor this level as a response at this level may tell significant price move. Aftermarket response, it can also act as a good entry point to those searching for potential opportunities.
Source: X
Bitcoin started the week with a slight gap, as is expected. Such gaps have been bridged in 1-3 days in the last few weeks. Although there is nothing extraordinary about this gap, it is still important to be on the lookout for any possible value changes which may ensue after, especially if the market pushes higher beyond $105K.
Source: X
Ethereum’s Gap and Reversal
Ethereum (ETH) has displayed a different movement so far, starting with a huge gap down. This kind of gap is not quite common to Ethereum. While Ethereum gaps are typically less important than ones on Bitcoin, this one could be a turning point if price action fills it. This development can be tracked by traders as it offers a short term window for a price rebound.
A consolidation at the key support levels is central to those willing to trade Ethereum. Ethereum is quite high at the moment and if the price squeezes out this level it may be headed to lower support areas. However if Ethereum will continue being bullish then current price level may become as a retest for breakout.
Bitcoin is about to witness a historic moment. A daily close above the $105K could be a definite move towards a new ATH. With Bitcoin leading the charge, Ethereum’s price action and gaps can be a mine of information for direction for market on the days ahead.
