Bitcoin Stays Above $106K: Is the CME Gap at $104K Likely to Bring Prices Down?
Current Price Action: Bitcoin has established a new trading range above $105,000 after a significant rise from $101,890, with a recent price of around $106,386 reflecting strong short-term buying pressure.
Trading Volume and Liquidity: The 24-hour trading volume reached approximately $70.66 billion, indicating deep liquidity and active market participation, which supports a bullish sentiment in the short term.
CME Futures Gap: Analysts are focusing on a CME futures gap near $104,100, which could act as a retracement point; a break above $106,635 may signal further upward movement, while a drop below $105,000 could lead to a test of the gap.
Market Sentiment and Supply: With nearly 19.94 million Bitcoins in circulation and a capped supply of 21 million, the asset's scarcity continues to attract attention, while traders will watch for price stability above $105,000 to gauge future movements.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 36126.697 | 48063.348 | 60396.717 | 72333.368 | 84666.737 | 96603.388 | 108936.757 |
| Fibonacci | 48063.348 | 57334.496 | 63062.221 | 72333.368 | 81604.516 | 87332.241 | 96603.388 |
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