Bitcoin Consolidates After Record High, Faces Key Resistance

Bitcoin (BTC) has entered a period of consolidation following a record-breaking surge that saw it surpass $109,000. After reaching this all-time high, the price has corrected downwards, currently trading below $104,500 and the 100-hour Simple Moving Average.

Key Resistance Levels:

• $104,000: Immediate resistance, coinciding with a bearish trend line on the hourly chart.
• $104,500: 50% Fibonacci retracement level of the recent decline. A break above this level could signal further upward momentum.
• $106,500: Potential next resistance level after $104,500.
• $108,000: A significant resistance level to overcome.
• $109,500: A potential target if the price breaks above $108,000.

Potential Downside:

• $100,500: Immediate support level.
• $100,000: A crucial support level to hold.
• $98,800: Next major support level.
• $96,500: A potential target if the price breaks below $98,800.

Conclusion:

Bitcoin is currently in a critical phase. A successful break above the $104,000 resistance could reignite the bullish momentum and potentially drive the price towards new highs. However, a failure to overcome this resistance could lead to a downside correction, potentially testing lower support levels.

January 2025, Cryptoniteuae