Bitcoin Holds Steady at $108K as Market Cap Tops $2.15 Trillion
Bitcoin’s price activity was modest on the 1-hour chart, with tight congestion between $107,800 and $108,400. The minimal volume demonstrated that traders lacked directional confidence. There are potential for scalping in this area, but risk is still high because of the low volatility and small spread. Technical indicators advise exercising caution; the commodities channel index (CCI), stochastic oscillator, and relative strength index (RSI) are all neutral at 55, suggesting hesitation. Despite this, the moving average convergence divergence (MACD) level is at 853, indicating purchasing strength, and the momentum oscillator, which shows a minor bullish tilt with a value of 1,220
A little more comprehensive view is provided by the 4-hour bitcoin chart, which shows a recovery from $105,130 and sideways consolidation between $107,500 and $108,500. A breakout is necessary to validate direction, as declining volume indicates waning market momentum. A strong advance above $108,500 would trigger a retest of the $110,500 resistance, thus key technical levels are still being attentively monitored. On the other hand, a decline toward $105,000 would be possible if the price of bitcoin breaks below $107,000. All short- to mid-term exponential and simple moving averages show a persistent buying trend, but oscillator data is mostly neutral throughout this period.
From a daily standpoint, bitcoin is still bouncing around a wider consolidation zone, which is centered between resistance at $110,500 and support at $98,000. Two times, the price has failed to rise over this upper limit, indicating possible fatigue at higher levels. Increased volume during reversal candles, which may indicate institutional participation, supports a double-bottom formation at $98,240, suggesting a solid underlying basis. The medium-term trend is still bullish overall, with significant moving averages, from the 10-day to the 200-day, positioned below current price levels and sending buy signals.
Disclaimer and Risk Warning
coinweck does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. The image used in this article is for informational purposes only and is provided to us by a third party. coinweck should not be held responsible for image copyright issues. Contact us if you have any issues or concerns. Readers should do their research before taking any actions related to the company.