Quick overview

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Bitcoin was trading at $109,506 on Friday, down almost 2.2 percent over the previous day. According to analysts, this indicated a brief period of caution in the cryptocurrency market, but if momentum increases, Bitcoin may retest all-time highs by the end of the year.

BTC is now consolidating around $110,000, indicating short-term market caution. Strong institutional interest and the reduced supply from the 2024 halving support its bullish long-term outlook despite volatility. Support is located around $108,000, while key resistance is close to $120,000.

Whales are holding firm, according to on-chain data, which reduces sell pressure. Although opinions are divided in the short term, the general trend supports steady growth. By the end of the year, Bitcoin might retest all-time highs if momentum continues. As major catalysts in this cycle, traders react to ETF flows, rate reductions, and geopolitical risks.

The short-term bias of Bitcoin’s chart is neutral to bearish; it has rejected the $117.5 resistance and is now stuck in the $110K to $1116K range.

RSI: 54 (neutral; neither overbought nor oversold). $200-Day SMA: $103-point-7 (critical support); a retest may cause additional unwinding but stabilize the upward trend. Lower highs and lows indicate a bearish market structure; a weekly close above $116K is required to turn bullish. Daily rejection at $113.6K strengthens the risk of a decline.