Bitcoin Price Holds Steady Near $104K: Next Breakout Eyed
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Bitcoin experienced a temporary dip to below $101,000 following a public dispute between Elon Musk and Donald Trump. However, it quickly recovered to around $104,000, consolidating within a $100,000-$106,000 range. Market analyst Crypto Daan identifies critical price levels influencing the next breakout. A break below $100,000 could extend the correction for 1-2 weeks, with potential support at $95,000 and $85,000. Conversely, surpassing the $106,000 high suggests the correction is over, potentially pushing Bitcoin towards $120,000. Bitcoin's recent performance shows resilience, with a 2.98% daily gain and positive weekly and monthly charts (1.12% and 7.49% respectively). The Relative Strength Index (RSI) at 51.53 indicates a possible end to the correction, and a potential move towards the overbought zone above 70. Bitcoin currently trades at approximately $104,650, maintaining its position as the world's largest cryptocurrency, boasting a market cap of $2.07 trillion. The May surge saw Bitcoin reach a new all-time high near $112,000 from approximately $95,000, marking a resumption of the bull market before the recent correction. This consolidation period leaves the market anticipating Bitcoin's next significant price movement, with the $100,000 and $106,000 levels acting as key thresholds.
