Bitcoin Weekly Finishes Above Range High Despite Falling from $107,000: Here’s Why the Bulls Remain Dominant
Reasons for Confidence
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Bitcoin is currently priced around $105,000, having experienced a slight increase to $107,000 within the last day. This marks the second occasion in recent days where Bitcoin has faced resistance near the $107,000 level. Despite these fluctuations, Bitcoin successfully concluded the previous week’s trading above an important resistance point that had limited its price movements for several weeks. This closing, just above the significant mark at $103,000, has fostered optimism for a sustained upward trend, indicating that bullish sentiment remains strong in Bitcoin’s trajectory.
Bitcoin Ends Week Above Resistance – A Positive Indication
The latest price movements of Bitcoin indicate that bullish investors continue to hold sway over the overall momentum of the leading cryptocurrency and the broader crypto market. Bitcoin initially surged close to $107,000 over the weekend but subsequently pulled back.
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Following this price fluctuation, there was a downturn to approximately $102,000. This volatility is likely influenced by economic factors such as Moody’s downgrade of U.S. debt and market reactions to anticipated interest rate decisions from the Federal Reserve.
Interestingly, Bitcoin managed to close above the $103,000 range during the initial jump to $107,000, which holds significant relevance for subsequent technical considerations. This viewpoint is reflected by crypto analyst Rekt Capital on social media, who indicated potential future movements for Bitcoin.
Retest Following Breakout, According to Rekt Capital
The $104,000 level has previously acted as a tough barrier during Bitcoin’s recent price range between $102,000 and $104,000 since May 9. However, after surpassing this hurdle, the current price trajectory shows Bitcoin retracing back towards this level following another resistance at $107,000.
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As noted by Rekt Capital, the decline after the $107,000 resistance should not be viewed as a bearish sign. Rather, it might represent a typical post-breakout retest, a pattern often observed in bullish environments.
If this retest successfully solidifies former resistance as new support, BTC could pave the way for a breakout leading to new all-time highs. The 1W Bitcoin price chart illustrates that the red resistance zone is near Bitcoin’s previous all-time peak around $108,780 from January 2025.
Additionally, the chart indicates that the recent breakout beyond the $90,000 to $103,000 range resembles previous patterns where Bitcoin broke out following a consolidation after rebounding from a low. In this instance, the rebound occurred from a low of $75,000 in early April.
Should Bitcoin bounce back with adequate trading volume around $104,000, it could generate the required momentum to push past $107,000 and ultimately above $108,700 again. As of now, Bitcoin’s price stands at $105,555, reflecting a 2.9% increase in the last 24 hours.
Image licensed from Adobe Stock, chart data from market analysis sources.
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