What is the following for BTC after breaking 104 thousand dollars?

Bitcoin started in the second week of May with a strong continuing step, hacking the main resistance levels and climbing to its highest fresh local levels. Although the gathering was fast, the current technical signals indicate that there is still gas in the tank, there is still something that justifies caution.

Daily chart

In the daily time frame, BTC has decisively pushed up to $ 100,000 resistance and is now hovering around the mark of $ 104,000. This penetration represents a clear escape from a month -long pressure between the rising trend and moving averages 100 and 200 days.

The price has regained both the moving averages around the price level of $ 90,000, and the relative strength index is held above 70, indicating a strong momentum. However, it also indicates the circumstances that extinguish it. If buyers maintain pressure and avoid sharp rejection, it is possible that running towards the highest new level ever.

The graph for 4 hours

Zoom in the 4H graph, the penetration becomes more clear. BTC came out of the upscale channel style to the upward trend, as it gathered in the previous main supply zone by about $ 98,000 without almost any resistance. Since then, the origin has been rising in an organized manner, with the support of RSI cooling.

The latest procedures show price signs of slowdown, but there is no reverse confirmation yet. The health decline in the range of $ 100,000 to 98 thousand dollars will be a logical zone to search for continuity settings if buyers remain in control. However, if this level fails, support at $ 94,000 can capture the next wave of bids.

ONChain Analysis

Mines Summer Reserve

The data on the series reveals a continuous declining trend in the Bitcoin Workers’ Workers Reserve, which has now decreased to about 1.8 meters of BTC, which is the lowest level in recent years. This indicates that miners do not accumulate, but rather continue a long -term distribution style. Instead of increasing their possessions during this gathering, it appears to be gradually separated BTC, and perhaps to benefit from high prices or operational cost management after half.

Although this does not necessarily indicate an aggressive sale, it indicates that miners do not contribute to tightening the long -term offer at the present time. Their lack of accumulation, unlike the strong purchase of spots, enhances the idea that the current demand is driven by other market participants, such as institutions and retail investors.