Bitcoin's price is currently in an uptrend, trading above the $100,000 support and moving average lines, but below the $107,500 high. The bulls bought the dips when the price briefly fell below the moving average lines, and the largest cryptocurrency has since recovered and resumed its positive trend. If buyers can break through the resistance between $107,500 and $109,590, the market is expected to rise to a high of $121,650. However, if Bitcoin continues to move below the high at $107,500, the bullish scenario will be invalidated. The key supply zones are identified as $108,000, $109,000, and $110,000, while the key demand zones are $90,000, $80,000, and $70,000. On the 4-hour chart, Bitcoin is trading in a narrow range between the moving average lines and below the $105,000 resistance level. The uptrend faces initial resistance at the $105,000 high. It is crucial for Bitcoin to remain above the moving average lines to sustain the uptrend. This analysis and forecast are the personal opinions of the author and not a recommendation to buy or sell cryptocurrency.



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