Bitcoin took a bit of a dive on Thursday. The drama started with a public spat between President Trump and Elon Musk on social media. Bitcoin, which had been hanging out between $104,000 and $106,000, dropped below $101,000. But it bounced back pretty quickly, settling around $104,000. So, what’s the outlook?
Bitcoin’s Recent Price Action
May was a good month for Bitcoin; it climbed from around $95,000 to a new high near $112,000. But since then, it’s pulled back a bit. Right now, it’s trading between $100,000 and $106,000.
The Next Breakout: Bull or Bear?
Crypto analyst Daan Crypto has some thoughts on where Bitcoin might go next.
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Below $100,000: If Bitcoin falls below $100,000, the correction could last another one or two weeks. Potential support levels might be around $95,000 and $85,000.
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Above $106,000: If Bitcoin breaks above $106,000, that suggests the correction is over. Daan thinks it could then head towards $120,000.
Bitcoin’s Current State
At the moment, Bitcoin is trading around $104,650. That’s a 2.98% increase in the last day, 1.12% increase this week, and a 7.49% increase this month. The Relative Strength Index (RSI) is at 51.53 and trending upwards, suggesting the correction might be over. Bitcoin remains the world’s largest cryptocurrency and the fifth largest asset overall.
