Support and Resistance: Bitcoin is finding strong support at $100,000. If the price continues to hold above this level, it may attempt to move higher. On the upside, resistance is expected near $105,000. A clear breakout above this could lead to a rapid rise towards $110,000.
Momentum Indicators: The Relative Strength Index (RSI), a tool used to measure momentum, is hovering around 70. This indicates that Bitcoin is nearing overbought territory. While this doesn’t mean a drop is certain, it suggests the price could slow down or see a pullback before making another strong move.
Moving Averages: Bitcoin is comfortably trading above its 50-day and 100-day moving averages. These levels are often seen as important trend indicators. Trading above them is generally considered a positive sign.
Volume Trends: Trading volume has seen an uptick during major price moves, signaling active participation from market players. When volume increases during an uptrend, it usually confirms the strength of the move.