Bitcoin’s price has fallen below $105k

Takeaways from the conference:

• Bitcoin’s price is consolidating as resistance of $105,000 stops it from reaching new record highs.

• Although traders have a slight bearish outlook, historical data shows that it is not impossible for a bullish surge to occur.

BitcoinBTCThe price of ) has been consolidating in a range around $3,500 over the last seven days. $105,000 remains as the resistance level to be broken.

Bitcoin unable to crack $105,000

Data from Cointelegraph Markets Pro Bitstamp has shown that BTC has oscillated between the resistance levels of $105,000 and $101.500, which is where it’s found support.

“$BTC is stuck in a narrowing $101.5K–$104K range,” said Swissblock on X, 16 May. 

According to the onchain data supplier, Bitcoin began consolidating After two unsuccessful attempts, the $105,000 resistance was finally broken. 

“With the weekend ahead, resolution will likely be delayed, unless we get a Friday break.”

Santiment’s market intelligence firm has become slightly more bearish after the failure of Santiment to surpass $105,00. 

“Markets generally tend to move opposite to the crowd’s expectations, suggesting there is a heightened probability of crypto markets rising due to this increased fear,” The firm explained In an X, add:

“Retail traders are beginning to show impatience, which historically is a bullish sign for prices.”

BTC price lacks “serious catalyst”

Bitcoin is a new currency that has gained popularity. sustain $100,000 as support Over a Week While hitting 14-week highs of $105,700 On May 12, 

According to the trading resource, Material Indicators, despite broad volatility in risk assets, BTC/USD could have gone higher if it weren’t for large volume trading entities manipulating exchange order books.

Related: Bitcoin hitting $220K ‘reasonable’ in 2025, says gold-based forecast

Material Indicators, looking at Binance, claimed that there were large blocks of liquidity above the BTC spot price. This kept the BTC in a range.

The chart below shows the current liquidity clusters, which are between $105,000 to $110,000.

“Unless we have a serious catalyst, I’m not expecting to see a sustainable breakout to the all-time high territory until BTC has a legit support test at $100,000,” It is a good idea to get a hold of someone else. summarized A post made on X, 16 May.  

Material Indicators said that the $98,000 to $100,000 range was a crucial level on the downside.

“With all of the above in mind, be prepared for a support test in the $98,000-$100,000 range, but beware of short squeezes and bull traps until that happens.”

Bulls of Bitcoin fight to keep key support levels

Daan Crypto Trades, a popular trader, said the “start of the recent move” Bitcoin traders need to have at least $93,000 in order to move forward.

Bitcoins are traded “far away from any large liquidity clusters. The price didn’t trade for a long time up here just yet. So, after the initial squeeze of shorts, there are not that many new positions built up around this area,” Part of the X-post explained, adding:

“The main level to look out for would be local highs above $106,000 and below all the way down to $93,00, which was the start of the recent move.”

Material Indicators meanwhile paid additional attention In addition to the SMAs, key long-term trendlines formed a bullish crossover, signaling a “strong upward momentum for the macro trend.”

For MN Capital founder Michael van de Poppe, $98,000 is a “crucial area to hold on to” Continue upwards to maintain your progress.

The information in this article does not constitute investment advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making a final decision.