Bitcoin\u2019s ascent from the $97,860 breakout point to the resistance level at $104,300 clearly indicates a distribution phase. Currently, prices are fluctuating between $104,300 and $102,300, with a noticeable slowdown in momentum over the last two days.<\/p>\n
Yet, analyst RLinda has remarked that this sideways trading movement is a positive indication, suggesting bullish trends are still in play rather than indicating weakness. A rebound from the lower end of this zone, especially around $103,300, $102,300, or even as low as $101,700, could serve as a launching pad for another attempt to exceed the $104,300 resistance barrier.<\/p>\n
Moreover, the analyst pointed out that a third retest fell short of pushing prices back to resistance, leading to a temporary drop. However, the price drop below $103,336 signals that the core strength remains intact. If Bitcoin can successfully retest $103,600 and bounce from the liquidity area between $102,700 and $102,300, it could make another effort to break through the $104,300 level.<\/p>\n
Should these scenarios unfold, the next potential peak may reach $106,000 or even $107,000; from there, additional momentum could propel the price past its previous all-time high of $108,786 and onto the $110,000 mark before May concludes. Beyond this point, projections suggest targets could rise to between $120,000 and $180,000 by year-end.<\/p>\n
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Chart Image <\/i>Source: TradingView <\/i><\/a>by RLinda<\/i><\/p>\n This recent consolidation phase is not happening in isolation, as it coincides with a decrease in selling pressure. Importantly, on-chain metrics and the prevailing market mood reinforce Bitcoin’s upward trajectory for the remainder of the month.<\/p>\n As per analyst Ali Martinez, over 110,000 BTC have been withdrawn from centralized platforms in the past month. This trend has resulted in a decrease in total Bitcoin reserves on exchanges, shrinking from 2.57 million BTC to 2.45 million BTC as shown in the CryptoQuant chart below.<\/a><\/p>\n This indicates that investors are opting to move their assets to cold storage or holding them long-term, which lessens immediate selling pressure<\/a> and fosters positive price movement.<\/p>\n<\/span>On-Chain Indicators Support Positive Expectations<\/b><\/span><\/h2>\n
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