Over the past day we have seen Bitcoin consolidating just below $112k and in price discover mode. $111k had been acting as 4hr support, but on the last 4hr close this was lost. I am watching the yellow line on my chart- reclaim this 4hr level or confirm a bearish retest here.
If we see another 4hr close below this level then I think we can see a move towards $109l - $108k today at least. I will be actively monitoring and looking for opportunities on altcoins too.
Everything we have been monitoring the last few days has played out- Bitcoin flipping the resistance at $106.5k before a stronger move and smashing the ATH. Just after the ATH break yesterday, BTC retested the $106.5k level once again which gave a good reaction to defend the support in that area. Now we are in price discovery mode, with the ATH just under $112k.
If we get a retest around $108.5k I would like to see that held as support and give a strong reaction for continuation towards $115k.
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With 636,108 BTC, BlackRock is already 57% of the way toward becoming the largest Bitcoin holder in the world — a milestone it could reach by next summer.
But if BTC hits $150K in the coming months, we might see a wave of advisor-driven inflows, accelerating that timeline significantly.
Last night Bitcoin finally saw a strong 4 hour break above $106.4k (Weekly Open,) before pushing up towards $108k. This saw the highest daily close in the history of BTC, and a couple of retests of $106.4k confirmed 4 hour support here. However $107.1k (Monday High) is clearly 4 hour resistance for now.
Once again BTC is trying to hold on to the weekly open level, and this is key if we are going to see a move to an ATH within the next couple of days. If we start to close back under $106.4k, then the next obvious area is $105k where there is an FVG and the Previous Week High.
Bitcoin continues to respect $103k as 4hr support with every 4hr candle closing above this level for the past 4 days. Another test above $106k yesterday which was strongly rejected again, and we can see $106.3k (Weekly Open) is key 4hr resistance.
The longer the price consolidates the closer we are to a bigger move, and this will be a test of the ATH or a move back under $100k in my opinion. For now there is no clear direction which happens first.
In yesterday's update I warned of volatility heading into the weekly close, and we definitely saw some wild swings on Bitcoin. This caught out both longs and shorts, with price breaking above the $106k resistance level before a full retrace. BTC is now back inside the range and trading below the previous key resistance level of $104k.
Struggling to hold onto $103k now too, so depending how the US stocks open I would not be surprised if we sweep last weeks lows closer to $100k. I am also not ruling out a move towards $98k. Let's see how the Monday range develops and up or down get ready for a great week!