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Bitcoin’s Narrow Range Near $104K Mirrors October 2024 Setup, This Indicator Signals Breakout Pot...
Bitcoin’s RSI forms higher lows as exchange reserves hit all-time lows, signaling supply squeeze.
Inverse head and shoulders near $104,900 could trigger breakout above $105,000 with volume confirmation.
Strong monthly close and $5.23B ETF inflows reinforce Bitcoin’s long-term bullish momentum.
Bitcoin is currently trading at $104,419.69, moving within a narrow consolidation range after a recent pullback from $110,789. With short-term sentiment mixed and volume slowly increasing, traders are closely monitoring the $107,500 resistance. A decisive break above this level may trigger a new bullish phase toward $117,000.
Key Levels Define Bullish and Bearish Control Zones
According to analysis prepared by CryptoQuant and technical observations from Cas Abbe, Bitcoin’s recent pattern mirrors conditions seen in October 2024, when a parabolic rally followed a failed breakout
Source: CasAbbe(X)
The RSI continues forming higher lows, while exchange reserves dropped to all-time lows under 2.5 million BTC. This suggests reduced selling pressure and potential supply squeeze conditions. Bitcoin's hourly chart also shows a possible inverse head and shoulders pattern near $104,900
If confirmed with volume, this could support a breakout attempt above $105,000. However, short-term moving averages remain weak, with most below the 30-period mark. A loss of $103,500 support could trigger a selloff back toward $100,000 or lower.
Strong Monthly Close Supports Long-Term Momentum
According to a post from Moustache on X, Bitcoin printed its highest monthly candle in history and closed above the December 2024 high. This technical milestone is seen by traders as a successful retest of former resistance
Source: Moustache(X)
On the daily chart, Bitcoin holds well above both the 200-day EMA and SMA, maintaining the broader uptrend. Institutional accumulation continues, with wallets holding 1,000 to 10,000 BTC growing in May
On-chain data shows declining exchange balances and increasing cold storage usage. Meanwhile, spot Bitcoin ETFs brought in $5.23 billion in inflows, per SoSoValue, and large whale transactions increased by 15% in the last 48 hours. These trends support a long-term bullish structure, provided key support levels hold.
The post Bitcoin’s Narrow Range Near $104K Mirrors October 2024 Setup, This Indicator Signals Breakout Potential appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.