Bitcoin price is little changed on the daily chart, showing that it has stabilized after recent fluctuations. The cryptocurrency is currently trading within a narrow range, holding steady around $104,000. The short-term support zone currently lies between $100,700 and $104,100, an area that has acted as a buffer many times during market pullbacks.
This zone also coincides with Bitcoin’s 50% Fibonacci retracement level, measured from the decline that started in late October. Historically, this level often acts as a hesitation point for traders to decide whether to continue higher or take profits.
At the upper end of the current range, Bitcoin faces significant resistance between $109,400 and $112,400. A break above this level would likely confirm the beginning of a stronger bull market and open the door to higher targets.
Why $100,000 in support matters
Bitcoin continues to see strong demand around $100,000. This area combines several technical supports, including the 55-week exponential moving average and the 1-year moving average. This is also consistent with the June lows that formed the basis of the recovery so far.
Market analysts note that while Bitcoin’s rebound from its current support is showing some strength, it lacks the sharp momentum that characterized its rally earlier this year. For the trend to become definitively bullish again, the price will need to cleanly break above the $112,400 resistance zone.
Short-term outlook: flat with bearish bias
In the short term, Bitcoin appears to be stabilizing between support and resistance levels. Prices reacted to midrange Fibonacci resistance, but there was no strong rejection, suggesting a balanced market where neither bulls nor bears are in full control.
A drop to the lower end of the support range would not be surprising, but a drop below $100,700 would likely confirm a deeper move towards $96,000 or even $90,000. On the other hand, if the momentum above $109,000 sustains, it could show renewed strength and push Bitcoin towards new highs.
For now, the upward trend remains gradual. There are no clear signs of a market ceiling, but the lack of strong volume also prevents confirmation of a new bullish phase.
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