- Bitcoin steadies near $105,000 as traders test key support.
- Rising volumes hint at market rotation, not broad investor exit.
- Analysts eye $100,000 zone to determine next major direction.
Bitcoin hovered near the $105,000 mark after slipping by 5% in the past 24 hours and recording an 8% weekly decline. Despite the drop, turnover climbed about 36% across leading exchanges, hinting that traders are shifting exposure rather than exiting positions.
According to data from Binance, the seven-day average trading volume reached $3.68 billion, the highest level since March, reflecting active accumulation as prices softened.
Market participants are closely monitoring the $100,000 to $105,000 zone where bids continue to absorb supply. Analysts view this area as a key decision point that could shape Bitcoin’s next major move.
Resistance remains visible between $124,000 and $125,000, while primary support sits near $100,000 with a broader risk zone at $88,000 to $90,000.
Also Read: CoinsKid: Key Clue in BTC Chart That Signals XRP About to ‘Rally Hard’
Technical Setup Signals Consolidation Within Uptrend
Bitcoin continues to trade within a long-term ascending channel that has guided its recovery since early 2023. Currently positioned near the 20-week moving average, the asset is consolidating in the middle of this range.
The Relative Strength Index stands at 47.7, signaling neutral momentum. Meanwhile, the MACD histogram shows a softening bullish tone but no confirmed reversal, suggesting a pause rather than a breakdown.
A sustained move below $102,000 could expose the lower boundary between $88,000 and $90,000, where several technical supports converge. Conversely, maintaining strength above $105,000 may keep recovery targets at $112,000 and $124,000 intact. Besides, the Chaikin Money Flow indicator remains slightly positive, implying steady inflows even during pullbacks.
Liquidity indicators add weight to the view that the market is in a reaccumulation phase. Exchange reserves remain close to cycle lows, limiting immediate selling pressure. Funding rates have eased, and open interest has moderated from recent highs, reducing the likelihood of forced liquidations while preserving room for upside moves.
Macro and Market Dynamics Influence Short-Term Bias
Tighter U.S. liquidity conditions have recently pressured risk assets, including cryptocurrencies. However, Bitcoin’s limited on-exchange supply and stable long-term holder base continue to underpin structural support. Futures positioning has normalized following earlier leverage buildups, removing excessive speculative risk.
As the final quarter unfolds, attention turns to whether buyers can defend the $100,000 threshold and push toward $112,000. Sustaining momentum above that level could reaffirm the broader uptrend and position Bitcoin for another test of record highs.
Also Read: Pro-crypto lawyer John Deaton claims Ripple’s $1.25B GTreasury deal is just the start
