4 min readBitcoin (BTC/USD) is now consolidating between two major levels marked out in previous updates. The support zone at 102,000 and the resistance area around 105,500 are containing price action for now, with BTC trading just 6.5 percent below its all-time high at the time of writing. The current consolidation follows a strong bullish impulse last week and comes amid a broader risk-on sentiment across markets. If that trend continues, Bitcoin could be on track for another major move and potentially a push into price discovery.
From a macro view, BTC/USD still looks very healthy, and even if we see a throwback towards the breakout area around 98,000, that would still align with a bullish overall structure. Traders may view this as a potential re-entry opportunity, especially if the trend remains intact and sentiment supportive.
Zooming into the 4-hour chart, we see signs of a potential bearish break and retest at the local resistance zone around 103,200. If price continues to move lower from here, the levels to watch from an intraday to mid-time frame perspective are 99,500 and the confluence zone at 98,000. The 98,000 region also aligns with the 0.618 Fibonacci retracement level and the broader breakout area, which adds significance to this support zone.
To the upside, reclaiming 103,200 would signal strength and invalidate the current bearish break and retest formation. In that case, bulls may once again target the 105,500 resistance zone. If this area breaks, a move into new all-time highs becomes more likely, but for now, BTC remains in a consolidation structure just below major resistance.
The overall crypto market is holding up well, and Bitcoin in particular is still one of the strongest performers in the space. Momentum remains intact, but this is a key range to monitor in the coming sessions.
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