The cryptocurrency has managed to sustain a gain of over 4% in the last two trading sessions, as the market remains confident that Trump’s new administration will play a key role in the future of U.S. regulation. For now, the price is slowly approaching the all-time high resistance zone at 106K.
Neutral Bias
Bitcoin continues to trade within a strong lateral range, with resistance at 106K and support at 91K. The recent bullish momentum has once again brought the price to the resistance zone of the channel. If buying pressure remains steady, the current neutral formation could be challenged, potentially leading to a more significant upward move.
ADX Indicator
One factor that may not fully align with the recent buying spike is the ADX line’s movement. Currently, the ADX line is oscillating below the neutral 20 level, suggesting that recent upward movements lack a clear trend direction. This could lead to short-term bearish corrections, creating resistance at the current price level.
Key Levels
106K: The closest resistance level, positioned at the all-time high zone recorded by Bitcoin in recent weeks. If the price successfully breaks above this level, it would end the current lateral range and potentially trigger a stronger bullish rally in the short term.
99K: The nearest support level, aligning with the midpoint of the current range, the 50-period moving average, and the upper boundary of the Ichimoku cloud. This indicates that 99K serves as an important support barrier against bearish movements in the short term. If the price falls below this level in the coming sessions, it could confirm a bearish bias, undermining current market confidence and extending the lateral range.
91K: The final support level, positioned at the lower boundary of the lateral channel and acting as the last barrier before a potential trend reversal. If the price reaches this level, it could trigger strong bearish pressure in the BTC market.,# Cryptocurrency Market Update: Bitcoin’s Recent Momentum
## Key Points
– **4% Gain in Two Sessions**: Bitcoin has successfully gained over 4% during the last two trading sessions, bolstered by market optimism surrounding potential U.S. regulatory changes under Trump’s new administration.
– **Neutral Market Bias**: Currently, Bitcoin is trading within a lateral price range; the key resistance level stands at 106K, while support lies at 91K. The recent buying momentum is pushing the price towards this significant resistance zone.
– **ADX Indicator Analysis**: The ADX line is below the neutral level of 20, indicating a lack of a defined trend in the upward movement. This suggests potential for short-term bearish corrections, which could challenge the current buying momentum.
– **Critical Resistance and Support Levels**:
– **106K Resistance**: This marks the all-time high area and breaking above this could trigger a bullish rally.
– **99K Support**: This key level aligns with key indicators (50-period moving average and Ichimoku cloud upper boundary) and is critical for maintaining market confidence.
– **91K Support**: Serves as a last line of defense against potential further declines, where a move below could signal stronger bearish pressures.
## Conclusion
In summary, while Bitcoin is currently experiencing bullish momentum leading to potential near-term highs, traders should remain cautious. The neutral signal reflected by the ADX and critical support levels calls for vigilance. If 106K is breached convincingly, it could usher in a new rally; however, a drop below 99K could indicate a shift in market sentiment toward bearishness. My hot take: Keep a close eye on these resistance and support levels; they will be pivotal in dictating Bitcoin’s path in the immediate future.
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