Bitcoin’s Wild Ride: Bulls, Bears, and a 106K Roadblock 🐂📉

by

Bitcoin, that fickle lover, is trying to recover from its recent meltdown. Will it stick around, or will it ghost us again? 🕵️‍♂️💸

  • Bitcoin started a decent recovery wave above the $103,500 support. (Like a toddler who finally remembers where their toys are.)
  • The price is trading above $104,500 and the 100 hourly Simple moving average. (Because nothing says “stability” like a moving average that’s basically a guess.)
  • There was a break above a key bearish trend line with resistance at $102,000 on the hourly chart of the BTC/USD pair. (Kraken, you’re just a spectator in this drama.)
  • The pair might continue to move up if it clears the $106,500 zone. (Because nothing says “confidence” like a number with a comma.)

Bitcoin Price Recovers 3%

Bitcoin price managed to stay above the $101,000 support level and started a recovery wave. (It’s like the cryptocurrency version of “I’ll be back.”) BTC recovered above the $102,500 and $103,500 resistance levels. (Resistance? More like “I’m not going anywhere, buddy.”)

There was a break above a key bearish trend line with resistance at $102,000 on the hourly chart of the BTC/USD pair. The pair even climbed above $105,000. Finally, it tested the $106,500 resistance zone. A high was formed at $106,593 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $99,222 swing low to the $106,593 high. (Fibonacci, you’re just a fancy calculator with a superiority complex.)

Bitcoin is now trading above $104,000 and the 100 hourly Simple moving average. If the bulls attempt another recovery wave, the price could face resistance near the $106,000 level. The first key resistance is near the $106,500 level. (Resistance? More like “I’m not letting you pass, no matter what.”)

The next resistance could be $107,500. A close above the $107,500 resistance might send the price further higher. In the stated case, the price could rise and test the $108,000 resistance. Any more gains might send the price toward the $109,200 level. The next barrier for the bulls could be $109,800 and $110,500. (Bulls, you’re basically running a marathon with a backpack full of confetti.)

Another Decline In BTC?

If Bitcoin fails to rise above the $106,500 resistance zone, it could start another decline. Immediate support is near the $104,850 level. The first major support is near the $104,200 level. (Support? More like “I’ll be here if you need me, but don’t expect much.”)

The next support is now near the $103,500 zone. Any more losses might send the price toward the $102,900 support in the near term. The main support sits at $102,500, below which BTC might struggle to recover in the near term. (Support levels: the cryptocurrency equivalent of “I believe in you” from a friend who’s never been reliable.)

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone. (Bullish? More like “I’m pretending to be optimistic.”)

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. (Above 50? That’s like saying a toddler is “above average” at sharing.)

Major Support Levels – $104,850, followed by $104,200. (Support levels: the crypto market’s version of “I’ll always be here for you.”)

Major Resistance Levels – $106,000 and $106,500. (Resistance levels: the crypto market’s version of “I’m not going to let you through, no matter what.”)

Read More

2025-11-10 05:49