Bitcoin Bull faces a $106,500 resistor facing a moment of success or failure – Details
Popular digital asset analysts at X Handle Crypto Patel say Bitcoin is currently retesting its critical price at $106,500. Based on the asset’s performance at this level, BTC investors can expect bullish prices to continue or drop significantly.
In a brief rise of more than $105,000 on May 12, Bitcoin has remained in range and no significant price shift has since. However, the US BTC live ETF shows that bullish sentiment remains high, with nearly $2 billion investing per week.
Bitcoin at the intersection: Can the Bulls push to $120k? Or drop to $75k?
In the May 16 X post, Crypto Patel shares a simple technical analysis of Bitcoin price movement, highlighting current major support and resistance levels. According to analysts, the latest price increase in Bitcoin shows that the asset is retesting the $106,500 price zone. It is worth noting that the resistance band has proven effective in causing price rejections in December and January. If the Bitcoin Bull can impose enough market demand to conquer this price barrier, then the cryptocurrency patel project Prime Minister cryptocurrency will maintain its current upward trend with an initial price target of $120,000.
On the other hand, another price rejection could hurt current investors’ expectations, as such negative development would force prices to fall below the crucial $90,000 support zone, to the point where the current market lowest trades as low as $75,000. Despite the strong bullishness at present, this forecast correction suggests that 27.1% of the price has fallen by 27.1% despite strong bullish sentiment at present.
Interestingly, the Relative Strength Index (RSI) shows that Bitcoin has recently declined from overbought territory, thus supporting forecasts for upcoming price corrections. However, macroeconomic developments, such as the 90-day tariff truce between the United States and China, and strong institutional investment, have enhanced the potential for bullish trends to continue.
Bitcoin price forecast
At press time, it fell 1.62% last week, with Bitcoin’s value at $103,355. However, the monthly performance of the assets reflects a 21.46% increase, indicating that most new market participants are still profiting.
According to the forecast location, Concodex said investors showed high levels of greed, as shown in the Fear and Greed Index at 74. COINCODEX analysts predict that Bitcoin will reach $127,872 in the next five days, followed by price correction, with its price rebate to around $111,616.
For long-term investments, analysts predict Bitcoin to reach a valuation of $155,583 in three months and $148,167 in six months.
