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06/08 06:36

Bitcoin Price Watch:

Bitcoin Price Watch: Cup and Handle Pattern Signals Potential Surge:-

At 8 a.m. Eastern time, bitcoin is trading at $104,881 to $105,266 over the past hour, with a market capitalization of $2.08 trillion and a 24-hour trading volume of $24.93 billion. The 24-hour intraday price range spanned from $103,655 to $105,213, reflecting a tightly wound consolidation phase ahead of a potential breakout.

Bitcoin

The daily chart indicates that bitcoin is in a consolidation phase after peaking near $112,000. This level formed a double top, which triggered a pullback toward the psychological support at $100,000. Despite this decline, the support structure remains intact, with notable buy interest re-emerging near $102,000. Oscillators on the daily timeframe paint a mixed picture, with the relative strength index (RSI) at 52 and the commodity channel index (CCI) at -59, both signaling neutral momentum.
(A bearish engulfing pattern, however, continues to weigh on sentiment, even as the declining volume suggests that selling pressure may be weakening.bitstamp_btc_usd-sat_7_jun_06_17_02-1536x830.webp
In the intermediate term, the 4-hour bitcoin chart reveals a dynamic rebound. Following a sharp correction to $100,426 after being rejected near $106,854, bitcoin swiftly recovered to the $105,000 range. The resurgence was supported by a green volume spike, pointing to strong dip-buying activity. Currently, bitcoin appears to be forming a bullish flag or pennant pattern just below resistance. A breakout above $105,500 with substantial volume could open the door toward the $107,000 level, while failure to sustain above $102,000 would threaten deeper retracement.
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