Bitcoin Roars Back: Relief Rally Ignites as Global Risk Fears Fade

Bitcoin's bulls are back in charge—just as Wall Street starts pretending it never doubted crypto.

The bounce no one saw coming

After weeks of bloodletting, BTC slingshots past resistance levels as macro fears ease. Traders pile in, shorts get squeezed, and suddenly everyone's a 'long-term holder' again.

Risk appetite returns (with baggage)

Global markets exhale—Fed whispers, inflation dips, and miraculously, crypto's 'uncorrelated asset' narrative gets dusted off. Never mind that 90% of altcoins still trade like penny stocks.

The cynical take

Watch hedge funds now rebrand their crypto desks as 'digital asset strategists' while quietly dumping last month's doom reports. Bonus irony: the same analysts who called $20K now predict $100K by EOY.

One rule never changes: in crypto, amnesia is the most valuable coin of all.

Bitcoin Price Recovers Ground

Bitcoin price started a fresh increase from the $98,500 zone. BTC gained pace after TRUMP announced a ceasefire. The price was able to climb above the $102,000 and $103,200 levels.

Besides, there was a break above a key bearish trend line with resistance at $101,500 on the hourly chart of the BTC/USD pair. The pair cleared the 61.8% Fib retracement level of the downward move from the $106,470 swing high to the $98,277 low.

Finally, the price traded close to the $106,000 level. Bitcoin is now trading above $104,000 and the 100 hourly Simple moving average. It is also above the 76.4% Fib retracement level of the downward move from the $106,470 swing high to the $98,277 low.

On the upside, immediate resistance is NEAR the $106,000 level. The first key resistance is near the $106,200 level. The next key resistance could be $106,500. A close above the $106,500 resistance might send the price further higher. In the stated case, the price could rise and test the $108,000 resistance level. Any more gains might send the price toward the $110,000 level.

Another Drop In BTC?

If bitcoin fails to rise above the $106,000 resistance zone, it could start another decline. Immediate support is near the $104,000 level. The first major support is near the $103,500 level.

The next support is now near the $102,500 zone. Any more losses might send the price toward the $101,200 support in the near term. The main support sits at $100,000, below which BTC might struggle to find bids.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $104,000, followed by $103,500.

Major Resistance Levels – $106,000 and $106,500.