Reaching a new milestone with an over 20% rally in six weeks, Bitcoin marked resistance and halted rallies due to bullish weakness. It initiated a drop and retraced slightly, looking for strong support to rebound. The month of April ended a bit rough for Bitcoin after recovering back to the recent top in a couple of weeks. It printed a new all-time high at $111,980 and lost some ground due to a rejection, looking weak daily. Over the weekend, Bitcoin managed to stay above the $103k level after experiencing a dramatic decline throughout the weekdays. That brought a small relief in the drop as it pushed an inch above the $105kl level. Today, being the first day of a new week, Bitcoin appears a bit weak due to a minor loss in the past hours. A further deduction could trigger more bleeding in the next few days before locating solid ground. If the last weekend level holds well, we may see more gains in the next few hours. So far, it has been an interesting ride for Bitcoin in the last two months. While it is still under a retracement, we can anticipate a bigger rally as soon as it finds firm support. Its market structure is still considered bullish from a long-term perspective despite the latest drop. BTC’s Key Levels To Watch Source: Tradingview A drop below $103k could slide the price to the $100,718 support level. Failure to bounce back could result in more bleeding to the $97,895 and $93,500 levels before regaining strength. Bitcoin currently trades near a sub-resistance level of $106,600. A push above it should bring us back to the $111,980 resistance before breaking higher to the $115k and $120k levels in no time. Key Resistance Levels: $106,600, $111,980, $120,000 Key Support Levels: $100,718, $97,895, $93,500 Spot Price: $105, 311 Trend: Bullish Volatility: Low Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
