Global economic tensions and trade policy uncertainties continue to have a significant impact on cryptocurrency markets, particularly as Bitcoin makes a strong recovery following a recent correction. Despite the temporary setback, institutional interest in Bitcoin remains robust, with companies like Strategy (formerly MicroStrategy) and GameStop diversifying their corporate treasuries by adding BTC.
Technical analysis of the market reveals several key insights. The 24-hour period has shown a distinct bottoming pattern, with strong volume support evident in the $103,200-$103,400 range. This consistent buyer activity has provided a solid foundation for the subsequent recovery phase, which gained momentum after breaching the $104,000 resistance level. The increasing volume accompanying this upward movement indicates a high level of buyer confidence, suggesting that the correction phase may have come to an end.
Recent price action has been particularly noteworthy, with Bitcoin demonstrating a notable recovery pattern in the last hour. The price surged from $104,146 to $104,303, with significant bullish momentum becoming evident at 14:01. A consolidation range between $104,077 and $104,263 was observed before a breakout occurred, with key support levels established around $104,080-$104,090.
External references from reputable sources such as NewsBTC, The Daily Hodl, and Cryptopolitan provide additional insights into the current state of the Bitcoin market, offering perspectives on potential price movements and support levels to watch out for in the coming days.
Overall, the technical analysis data model indicates that Bitcoin’s correction phase may have reached its conclusion, with the price now poised to establish a new support base for potential continuation of the broader uptrend. As global economic uncertainties persist, the cryptocurrency market remains a dynamic and volatile space, offering both challenges and opportunities for investors and traders alike.