Bitcoin Hovers Near $105,000 Awaiting Breakout

Bitcoin is currently trading in a tight range, with traders closely monitoring key price levels that could determine its short-term direction. The cryptocurrency is hovering just under $105,000, showing minimal volatility but signaling an impending breakout. Market analysts have identified important support and resistance levels that could either trigger a sell-off or spark a recovery.

According to analyst Crypto Patel, Bitcoin is facing strong resistance around the $106,000 mark. A clean move above this price could push BTC toward the $108,000 to $108,950 range, described as a Bearish Order Block. This area previously sparked selling pressure and remains a key rejection zone. Patel noted that if BTC breaks through this level, it may trigger a temporary relief rally. However, failing to clear the order block may reinforce bearish sentiment and lead to downside action.

The $102,000 mark has emerged as a crucial support zone. Analysts warn that losing this level could open the door to deeper losses. Patel stated that this area acts as a liquidity pool, and breaching it could accelerate selling. Should the price fall below $102K, the next likely target may be below $100,000, increasing pressure on the market. Traders remain cautious as they assess whether the support will hold or break under current conditions.

Daan Crypto Trades observed that Bitcoin is trading near its monthly open and mid-range at $105K. He emphasized that the price has been compressing, indicating market indecision ahead of a larger move. The longer BTC remains rangebound, the more likely a breakout becomes. Statistical models, according to Daan, favor increased price volatility this week or before month-end. This view supports broader expectations of a market shift soon.

With rising tension across technical zones, traders continue monitoring $102K and $106K as decisive price points. The next breakout or breakdown from these levels could define Bitcoin’s short-term trend and ripple across the crypto market. Bitcoin currently trades at $104,914, showing a slight 0.52% daily increase. Over the past week, BTC has declined by 2.40%, reflecting the ongoing consolidation.