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Bitcoin faces immediate resistance between $103,700 and $104,000, a zone that has capped gains since early May. A clean break above this range would open targets toward $109,396 based on weekly Fibonacci projections15. On the downside, key support resides at $101,800 and $97,500, with deeper buffers at $93,000 and $90,000 should broader profit-taking occur.
Financial Market Backdrop
Global equities are holding steady ahead of a highly anticipated U.S.–China trade meeting in Switzerland, with the S&P 500 slightly lower and the Nasdaq flat on the day. The Bank of England’s surprise 25-basis-point rate cut to 4.25% contrasts with steady rates in Norway and Sweden, underpinning risk asset flows into crypto markets.
Dominance Metrics
Bitcoin dominance, which measures BTC’s share of total cryptocurrency market capitalization, has eased from over 65% to 63.89% in early May, signaling capital rotation into altcoins. USDT dominance, representing the stablecoin’s share of total crypto market liquidity, stands at 8.2% and often precedes significant inflows into both Bitcoin and altcoins when it peaks.
Altcoin Landscape
Major altcoins have rebounded strongly: Ethereum surged 13% in 24 hours, while Solana, Dogecoin, and Cardano each gained over 6%, lifting the Altcoin Season Index from 23 to 36 and indicating a shift toward broader market participation. However, the index remains below 75, so a full altcoin season has yet to materialize.
Leverage Positions and Sentiment
Long and short positions across exchanges maintain an approximate 1:1 ratio, reflecting balanced leverage. Crypto Fear & Greed Index at 83 points to extreme greed, often preceding increased volatility and pullbacks. On-chain data shows a 3.2% rise in BTC addresses holding over 0.1 BTC, suggesting continued retail accumulation.
Whale Activity
On-chain metrics reveal that new “whales” are buying at an average realized price of $91.9 K versus old whales’ $32.2 K basis, representing a 185% divergence and highlighting growing institutional FOMO at elevated levels.
Correction Forecast
Overbought technical conditions around current resistance, combined with extreme sentiment and concentrated whale accumulation, point to a likely corrective retracement within the next 7–14 days. A pullback of 5–8% toward the $94,000–$97,000 zone would realign bullish setups and relieve short-term overextension.
All presented data have been cross-checked against cited industry sources, and the text has been reviewed for grammatical accuracy.

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