Bitcoin settles at 104 thousand dollars amid a fluctuation between support and resistance

After a sharp decline in recent days, Bitcoin managed to restore its balance and settled at the level of $ 104,000, and the rapid price recovery proved that the digital currency is still a strong momentum with anticipation of traders for a new price breakthrough movement in the coming days.

Fliping between 100 thousand and 106 thousand

Throughout the first week of June, Bitcoin remained trading between 104,000 and 106,000 dollars before suddenly landed to less than $ 101,000 as a result of the media dispute that exports social platforms, and with the return of the price again to the level of $ 104,000, the “Crypto Daan” analyst indicates that Bitcoin is now moving in a stable range between 100,000 and 106,000 dollars with its current concentration in the middle of this range.

The analyst believes that breaking the lower limit at $ 100,000 may extend the price correction for a week or two with expectations of a lawsuit at 95,000 and 85,000 dollars in the event of a decline, while if the bulls succeed in exceeding the level of 106,000 dollars, this may be a sign of the end of the correction phase and the beginning of a new wave of rise towards the discovery of price peaks of up to 120,000 dollars.

Positive indicators and strong stability

At the time of writing this report, the Bitcoin price increased by 2.98% during the last 24 hours, recording $ 104,650, and given the larger time frames, Bitcoin showed a strong performance, as it increased by 1.12% per week, and 7.49% throughout the month, which reflects a clear dominance of the emerging direction.

The Relative Power Index (RSI) on the daily chart reached 51.53 and turns up, which is an indication of the end of the saturated saturation stage, and the currency approaching to return to the purchasing saturation area at 70 level.

In terms of market value, Bitcoin continues to rank first in the world as the largest digital currency of $ 2.07 trillion, and it ranks fifth as the largest financial origin in the world, which confirms its strong position in global markets.