Kraken Market Watch: Bitcoin Eyes Breakout Above $106K as Bullish Momentum Builds
Bitcoin’s price action suggests a potential upward trajectory as it consolidates above key support levels. Currently trading above $105,000 and the 100-hour SMA, BTC shows resilience after testing $103,200. A decisive break above the immediate resistance at $105,550 could open the path toward $106,800, signaling the next leg of bullish momentum. Kraken traders are closely monitoring these technical levels as institutional interest continues to grow in the crypto space.
Bitcoin Price Eyes New Gains — Is the Next Leg Higher Starting?
Bitcoin’s price trajectory shows signs of consolidation after a recent dip to $103,200, with potential for recovery above $106,000. The cryptocurrency currently trades above $105,000 and the 100-hour Simple Moving Average, indicating underlying strength.
A bearish trend line at $105,550 poses immediate resistance, but a breakout could signal renewed bullish momentum. Key levels to watch include $106,000 and $106,800—the latter representing a 50% Fibonacci retracement from recent highs NEAR $110,500.
Market participants are closely monitoring Kraken’s BTC/USD pair for confirmation of an upside break. The price action suggests accumulation at current levels, with traders anticipating the next leg up in Bitcoin’s volatile journey.
Ethereum Price Stabilizes After Drop — Can Bulls Regain Control?
Ethereum’s price has entered a corrective phase after failing to sustain momentum above the $2,620 resistance level. The second-largest cryptocurrency now hovers below $2,580, with technical indicators suggesting potential further downside.
A key development emerged as ETH/USD broke above a bearish trend line at $2,500 on the hourly chart, though the asset remains below both the $2,600 psychological level and the 100-hourly SMA. Market participants are watching the $2,470 support zone closely, as a breach could accelerate selling pressure.
The 23.6% Fibonacci retracement level of the recent decline from $2,787 to $2,470 provided temporary resistance. Should buyers regain control, immediate hurdles stand at $2,550, followed by more significant resistance near $2,600 and the 50% retracement level at $2,620.
XRP Price at Risk of More Losses — Can Key Support Hold?
XRP faces mounting pressure as its price struggles below critical resistance levels. The digital asset failed to sustain momentum above $0.3250, triggering a descent through multiple support zones. A recent low of $0.2081 marked the bottom of this downward trajectory before minor consolidation emerged.
Technical indicators paint a cautious picture. The cryptocurrency now trades beneath both the $0.220 level and its 100-hour moving average, with a bearish trend line forming at $0.2180 on hourly charts. Market participants watch the 50% Fibonacci retracement level of the recent decline from $0.2354 as a potential turning point.
The immediate battle centers on the $0.220 resistance zone. A decisive break could open the path toward $0.2250, while failure may precipitate another leg downward. Trading activity on Kraken shows weakening momentum as XRP mirrors broader market weakness seen in Bitcoin and Ethereum.