Bitcoin Eyes Consolidation Before Next Big Move
Bitcoin bounces back but faces resistance. Consolidation likely before a breakout toward new highs.
- BTC trading between key supply and demand zones
- Break above $106.6K needed for bullish breakout
- Scalping strategy favored during consolidation
Bitcoin has shown signs of strength with a recent bounce, but the market doesn’t seem fully ready to push toward new all-time highs (ATHs). According to current technical levels, BTC is ranging between two key price zones, suggesting a period of consolidation might be on the cards before a major move occurs.
At the moment, BTC is moving between the 4-hour supply zone near $106.5K and the demand zone around $101.8K. These zones are acting as short-term resistance and support, respectively, and are crucial levels traders are watching closely.
Key Levels to Watch: $106.6K and $101.8K
For Bitcoin to push higher, the key will be breaking and flipping the red resistance box at $106.6K. This zone represents the upper limit of the current range. A breakout above this level, followed by a successful retest, would likely signal the beginning of a more bullish phase.
Conversely, a drop below the green support box at $101.8K would invalidate bullish momentum and could lead to further downside. Until either of these levels gives way, Bitcoin is expected to make two or three more consolidation moves, possibly forming what traders refer to as “drives” before a stronger breakout.
Scalping the Range: Strategy Until Confirmation
Until Bitcoin clears the $106.6K level, traders are advised to adopt a quick scalp strategy. This involves entering and exiting positions rapidly within the range, capitalizing on short-term volatility while avoiding the risk of a fake breakout.
The current environment doesn’t favor large, long-term positions. Instead, short trades with tight take-profit targets and stop losses are ideal for managing risk and securing gains in this uncertain phase.
As always, it’s essential to stay updated and watch how price reacts to these critical zones. A breakout from this range could set the tone for the next major move in the crypto market.
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