Bitcoin (BTC) Price Stalled at $105,00 Resistance, Setting the Stage for a Potential Bounce

Despite the bullish volume uptick, momentum has stalled just below $100K, with BTC claiming a daily high of $104,432.72.

Bitcoin is currently facing stiff resistance at the $105,000 mark, with price action seen bouncing in a narrowing range over the past week as technical levels and market sentiment collide.

What Happened: At the time of writing, Bitcoin is trading at $103,811.42, reflecting a modest 2% gain over the past 24 hours, alongside a notable 17% surge in trading volume.

However, despite the bullish volume uptick and attempts to claim new highs, momentum has stalled just below the $105K ceiling, with Bitcoin claiming a daily high of $104,432.72.

According to Swissblock, Bitcoin has been consolidating in a tightening $101,500–$104,000 zone after two failed attempts to breach the $105K ceiling. "Resolution will likely be delayed unless we get a Friday break," the firm posted on X.

With the weekend ahead, resolution likely delayed, unless we got a Friday break.

Anyway, the next move would be sharp!

According to analysts from Santiment, the crowd has begun turning slightly bearish on Bitcoin, a sentiment that paradoxically signals the potential for a bullish move.

Historically, price tends to move opposite to the prevailing retail sentiment, which is especially relevant in the current market.

"Bitcoin has seen some resistance over the past week, being challenged to grow past the $104K to $105K level. This temporary 'pumping of the brakes' has been enough to swing traders slightly bearish once again. Markets generally tend to move opposite to the crowd's expectations, which could be setting up an interesting dynamic in the days ahead," the team noted.

Why It's Important: Material Indicators suggests that unless a "serious catalyst" appears, Bitcoin may need a proper support test around $100,000 before attempting a true breakout.

FireCharts data shows sell orders building above the current price while buy orders are shifting lower, suggesting a possible retest of support near $100K and raising the risk of a bull trap without a strong catalyst.

"Unless we have a serious catalyst, I’m not expecting to see a sustainable breakout to ATH territory until BTC has a legit support test at $100k, and FireCharts shows that the order book is priming for that with asks stacking and bids moving lower."

"Of course we also have a Golden Cross on the 50 and 100 DMAs, which is usually a good sign for the bulls in the intermediate term.

But overall, the technicals are setting up for a classic bull trap if we don’t get a strong catalyst to push prices higher."