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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Bitcoin Bulls Face Make-Or-Break Moment At $106,500 Resistance – Details

Semilore Faleti
Semilore Faleti
2 hours ago
2 mins read
Bitcoin

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Este artículo también está disponible en español.

Popular digital asset analyst with X handle Crypto Patel has stated that Bitcoin is currently retesting a crucial price resistance at the $106,500 price region. Based on the asset’s performance at this level, BTC investors could expect a bullish price continuation or a significant price pullback.

After a brief rise above $105,000 on May 12, Bitcoin has remained range-bound, showing no significant price movement since then. However, bullish sentiments remain high as demonstrated by US BTC spot ETFs scooping another almost $2 billion in net weekly investments.

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Bitcoin At A Crossroads: Can Bulls Push To $120k — Or Does A Fall To $75k Await?

In an X post on May 16, Crypto Patel shares a simple technical analysis on Bitcoin price movement, highlighting the present major support and resistance levels. According to the analyst, Bitcoin’s most recent price gain shows the asset is retesting a critical resistance around the $106,500 price region.

Notably, this resistance band has proved effective in inducing price rejections in December and January. If Bitcoin bulls can command sufficient market demand to subdue this price barrier, Crypto Patel projects the premier cryptocurrency will sustain its current uptrend with an initial price target set at $120,000.

Bitcoin
Source: @CryptoPatel on X

On the other hand, another price rejection could harm current investors’ expectations, as such negative development would force prices below the crucial $90,000 support zone to trade as low as the current market bottom at $75,000. This projected correction hints at a potential 27.1% decline from the present market price despite currently robust bullish sentiments.

Interestingly, the Relative Strength Index (RSI) shows that Bitcoin has recently dipped from the overbought territory, thus supporting predictions of an impending price correction. However, macroeconomic developments such as the 90-day tariff truce between the US and China, and strong levels of institutional investment, boost the potential of a bullish trend continuation.

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Bitcoin Price Prediction

At press time, Bitcoin is valued at $103,355 following a 1.62% decline in the last week. However, the asset’s monthly performance reflects a 21.46% gain, signalling most new market entrants are still in profit.

According to the prediction site, CoinCodex, investors are showing a high level of greed as indicated by the Fear & Greed Index at 74. Coincodex analysts are predicting Bitcoin to reach $127,872 in the next five days, followed by a price correction that will return prices to around $111,616.

For long-term investment, the analyst projects Bitcoin to hit a valuation of $155,583 in three months and $148,167 in six months.

Bitcoin
BTC trading at $103,355 on the daily chart | Source: BTCUSDT chart on Tradingview.com
Featured image from Pexels, chart from Tradingview
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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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