- Bitcoin (BTC) hits $106,039 with a gain of 0.52% and a market capitalization of 2.1T every day.
- Key support is $103,800. Resistance is seen at $108,000.
Bitcoin today regained its $106,000 mark and touched on the intraday high of $106,039. At the time of press, BTC traded at $106,144.42, showing a mild 0.52% increase over the last 24 hours. Despite this increase, 24-hour trading volume fell 5.65% to $371.3 billion.
Meanwhile, Bitcoin’s market capitalization rose slightly to $2.1 trillion, while its fully diluted valuation (FDV) reached $2.22 trillion. Currently, the market capitalization ratio is 1.75%, suggesting that despite price stability, momentum is limited.
Currently, the circular supply of Bitcoin is 19.87 million BTC, close to the fixed limit of 21 million. Supply constraints continue to support long-term bullish sentiment. However, today’s narrow trading range suggests consolidation rather than breakouts.
Bitcoin (BTC) at the intersection
If bullish pressure is maintained, BTC can try to break the nearest resistance at $108,000. If this level becomes clear, the next upward target is $110,500. Conversely, immediate support is $103,800. A drop below that could lower the price to a psychological threshold of $100,000.
The technical indicators reflect cautious optimism. Currently, the relative strength index (RSI) reads 54.87, slightly above the average at 54.64. This indicates mild bullish control, but momentum remains restrained. The RSI curve has recently shown a rebound from lower levels and recovery from short immersion to neutral regions. But it still lacks strong directional belief.
The Chaikin Money Flow (CMF), currently at 0.07, indicates the marginal capital inflow into BTC. Although it is still positive, the trend in CMF has been clearly declining since mid-May. This suggests that it will decay investor trust. This is probably due to the amount of thinness and macro uncertainty. Nevertheless, the value remains above zero, meaning net buys are still above sales pressure.
Moving average provides a mixed signal. Price Action is above the short-term moving average, which sees basic uptrends. However, no decisive moving average crossover has occurred recently, limiting the clarity of immediate trends. Overall, Bitcoin’s technical attitude is carefully balanced.