10X Research experts: BTC Course is preparing for a breakdown of $ 106,000 amid the growth of traders activity

Currently, Bitcoin (BTC) is traded near $ 104,500 after a sharp growth of $ 95,000, which began on May 8. The schedule for TradingView clearly shows the stage of consolidation in a narrow range of $ 104,000 – $ 105,500, which indicates preparations for a new pulse. Such behavior is often observed after growth before continuing the trend. Resistance levels are now in the zone of $ 106,000 and $ 108,500, the nearest support is $ 102,500.

Additional confirmation of probable growth gives an analytical report 10x Research. Their graph shows that the BTC again goes to the leader after the recent correction, and the price of Coinbase shares went up to 28% in 2 days. Typically, a strong correlation between BTC and Coin at the moments of large movements indicates preserved institutional demand. The gap between the BTC and Coin dynamics is now compensated in early May, which confirms the U -turn Pattern.

Researchers noted that fundamentally the market supports several factors at once. They recalled: Arthur Hais noted the role of the US Treasury as a new catalyst for cryptocurrencies. “In parallel, negotiations of the United States and China are underway, which can reduce geopolitical pressure and strengthen the position of risk assets. Positive adds consensus expectation of a possible decrease in the Fed’s rate closer to the fall and the record demand for Bitcoin ETF recorded last week, ”experts emphasized.

They explained that the volume of bidding at the time of consolidation is reduced – this is classic preparation for the exit from the range. The parabolic movement last week has not yet completed its phase, and according to the 10x Research model, the next target is $ 106,800. The breakdown of this mark will open the road to $ 110,000.

From the point of view of technical analysis, the RSI on the daily timframe is steadily held in zone 68–72, which allows another impulse up without obvious signs of overhabitation. On the hourly range, a stable pharmacy with local bottoms is visible. When maintaining a positive news background and supporting volumes, a breakdown of $ 106,000 is possible tomorrow.

Author

Peter Ivanov