Bitcoin has exhibited bullish momentum yesterday and now is teasing the intraday resistance level near $105,140. However, given the current market conditions, caution remains essential as price action could develop in either direction.
Ideally, I would like to see either (A) a pullback to retest the $103,032 level, followed by a bounce back above this level, or (B) sustained break-out above $105,140. These scenarios would increase the likelihood of a bullish continuation toward the next major resistance zone between $107,655 and $108,550 (Green Projections).
On the flip side, if Bitcoin drops below the $103,032 level and fails to recover quickly, it may signal a shift in momentum. This could lead to increased bearish pressure, sideways price action with a potential retest of support at $99,108 (Red Projections).
Traders should monitor these key levels closely for confirmation of the next major move.
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