Bitcoin price remains strong above $100K, showing signs of further upward movement. Analysis of technical indicators and price action suggests a bullish continuation with potential targets above $108K.
Bitcoin 's price has stabilized around the $100,000 mark, displaying resilience even after a minor dip below that level on Monday. On the daily chart, the cryptocurrency is currently confined within a range, oscillating between $108,000 and $100,000, struggling to break through either resistance or support. However, with Bitcoin 's recent rebound from the $100,000 support level, a surge towards the $108,000 resistance zone seems likely.
The Relative Strength Index (RSI) is also hovering above 50%, suggesting a bullish market momentum and favoring a further upward rally.The 4-hour chart presents a promising bullish continuation scenario for Bitcoin in the near future. Over the past week, the price has been consolidating within a bullish flag pattern. According to traditional price action analysis, a breakout above this pattern could propel Bitcoin towards $108,000 and potentially even higher, reaching $115,000. The recent rebound from both the lower boundary of the pattern and the $100,000 level strengthens the likelihood of this bullish scenario unfolding shortly.One significant factor contributing to Bitcoin's bullish run over the past year has been the dwindling supply. This is clearly illustrated by the exchange reserve chart, which tracks the amount of Bitcoin held on exchanges. Since early 2024, when Bitcoin traded around $70,000, the exchange reserve metric has been steadily declining, indicating that investors are accumulating Bitcoin by withdrawing it from exchanges and storing it in their own wallets. This shrinking supply has had a substantial impact on the market, fueling the current bullish wave, and could potentially drive the price even higher in the coming months
Bitcoin Price Prediction Bullish Rally Technical Analysis Supply Reduction
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