Bitcoin’s recent withdrawal has established a strong volume-based resistance near $ 108,300, with support formed in $ 106,700- $ 107,000 zone.
The correction accelerated with a remarkable price increase from $ 107,373 to $ 107,671 between 13: 06-13: 36, followed by a sharp reversing.
Technical analysis suggests that Bitcoin is now traded within a compression zone, trapped between two large gaps at fair value that will determine the upcoming market direction.
If bulls regain $ 109K to $ 110,000, the price can push against resistance beyond $ 112K, while a break below $ 107,000 possibly testing liquidity around $ 106K.
Technical analysis distribution
- The fall accelerated under 22: 00-23: 00 hours on May 24 with unusually high volume (16,335 BTC), establishing a strong volume-based resistance near $ 108,300.
- Support has been formed in the zone $ 106,700- $ 107,000, with buyers showing up over 09: 00-10: 00 period on May 25, although recovery attempts have been modest with price consolidation of about $ 107,500.
- The overall technical structure suggests a short -term bearish trend of potential for further consolidation before directional clarity arises.
- Bitcoin experienced considerable volatility with a remarkable price increase from $ 107,373 to $ 107,671 between 13: 06-13: 36, followed by a sharp reversing that saw prices fall to $ 107,393 at 14:00.
- The most significant price movement occurred during the 13:35 minute light, with BTC jumping nearly $ 150 with unusually high volume (148.76 BTC), which established temporary resistance around $ 107,630.
- Support formed almost $ 107,400, with buyers showing up in the last minutes of the period, although the overall technical structure suggests continued consolidation within the wider correction of $ 109,239 high.
External references
