Bitcoin Stabilizes Near $103,500 After Failed $105,000 Attempt

Bitcoin (BTC) has been experiencing a period of stabilization, trading near $103,500 on Wednesday. This comes after multiple failed attempts to surpass the $105,000 resistance level. The market structure for BTC remains robust, with funding rates turning mildly positive, a condition that mirrors the constructive environment seen during previous bull runs.

On the hourly chart, the rate of BTC is falling after a false breakout of the local resistance of $104,207. If buyers cannot seize the initiative soon, one can expect a test of the $102,500 area by tomorrow. On the bigger time frame, bulls have failed to keep growth going after a bullish candle closure. If the bar closes near $102,000, the energy might be enough for a test of the $100,000 range. From the midterm point of view, the price of the main crypto has made a false breakout of the resistance of $104,985. If the bar closes far from that mark, traders may witness a correction to $100,000 and below.

The recent price movements of BTC have been influenced by various factors, including the potential for a new all-time high. Whale accumulation and rising open interest have fueled expectations of a new record high. Analysts have predicted that BTC could break the $109,000 mark in May 2025, with key resistance levels to watch in the coming days being $110,000, $125,000, $150,000, and ultimately $200,000. If BTC manages to stay above the current levels, it could pave the way for further gains.

The short-term charts for BTC/USD indicate a recent downtrend from $104,997 to approximately $103,000, followed by a stabilization period. This trend suggests that while there is strong momentum, short-term volatility could continue. The Fear and Greed Index stands at 70, signaling caution amidst the bullish momentum. The index reflects a high level of market optimism, which could be a double-edged sword, as it may also indicate overconfidence and potential for a correction.

The market's focus on the Ukraine-Russia peace talks highlights the broader geopolitical factors influencing cryptocurrency prices. Positive developments in these negotiations could boost risk assets, including BTC, while negative outcomes could lead to increased volatility. The constructive market structure and positive funding rates suggest that BTC is well-positioned for further gains, but traders and investors should remain vigilant of potential short-term fluctuations.