Bitcoin Struggles at $104,810: Will Bulls Regain Control?

• Bitcoin failed to close above $104,810, a key resistance level, stalling bullish momentum.
• Analyst Zen noted declining volume near the $105,497 high, triggering stops and profit-taking.
• Traders watch $104,810 as Bitcoin consolidates, awaiting a breakout or further decline.

Bitcoin (BTC) has been unable to hold above a key resistance level on the last day of the month. In an X post on Saturday, analyst Zen pointed out that the price could not go higher than $104,810, which can be considered the condition for the bullish panorama. While the bulls are not fully ejected from the picture, the market is not positioned to go higher.  

Bitcoin Low Volume

Zen’s analysis involved a chart demonstrating a relatively low trading volume at the extreme of the Bitcoin price fluctuation. Major price traces came out around the $105,497 January 26 high. This level probably invited other market participants to close any trading orders they might have placed above it to profit. The stops may have also provided entries for new short positions.  

This has led many people to question the short-term trend of Bitcoin’s price after failing to break through $104,810. It should be noted that continued optimism on the bull side is possible, but this may still require more time for consolidation. Traders are paying attention and waiting to see whether it will break out or continue the consolidation.  

Stop Orders Drive Volatility

Stop orders became extremely active during the recent price fluctuations. These orders, normally employed for cutting losses, provided liquidity support at the $105,000 level. They also enabled traders to close some long and more antiquated positions at a profit. They may also have aided new short positions, increasing market fluctuation.  

Related: Bitcoin Slips and Altcoins Surge: What’s Really Happening?

Therefore, the further volatility of Bitcoins’ price still depends on technical aspects and the market situation. The recent fight to breach the resistance suggests some significance in forming the advisor’s intent. Analysts watch these movements to determine the possible direction of the market. As of press time, BTC is trading at $102,055, down by 2.60 percent in the last 24 hours.

Therefore, the cryptocurrency market is stuck in a relative position of wait-and-see. Currently, traders are torn between the likelihood of an upward trend towards a breakout and upward consolidation. With Bitcoin price movement in its progression, levels like $104,810 remain principal to the extent of resistance.

The post Bitcoin Struggles at $104,810: Will Bulls Regain Control? appeared first on Cryptotale.