Bitcoin Rebounds to $105K; Can This Leg Take BTC Above 110K?
- Bitcoin climbed to a high of $105,000 after bouncing off a solid level near $98,000.
- BTC’s steady development and S&P 500 divergence point to strong momentum for upside.
- A ceasefire report boosted buyer demand and increased chances for a $110K test.
Bitcoin has regained strength, trading at $105,192 at the time of reporting after rebounding sharply from the $98,166 low. The chart indicates a bullish breakout from the falling wedge pattern, confirmed by a higher low formation and a strong daily close above the 50-day moving average (MA) at $105,276.
Source:
Tradingview
The recent low aligns precisely with the 1.0 Fibonacci level, serving as support. The price action from this zone formed a rounded bottom pattern, which is often a reversal sign. The move upward has now reclaimed the 0.5 retracement level at $104,774, a confirmation level that suggests bullish momentum may continue. The next resistance stands at $110,449, which is just shy of the swing away from its high at $111,381.
The moving average ribbon shows that the 200-day MA remains strong support at $96,022, while the 50-day MA acts as near-term resistance-turned-support. A clean break and hold above $105,276 could pave the way to $110K.
Meanwhile, the MACD shows a potential shift in momentum. The MACD line (orange) is curling upward toward the signal line (blue), and histogram bars are losing their negativity. This confluence of factors is indicative of weakening bearish pressure in favor of bullish pressure.
Fibonacci projections suggest that 1.272 ($94,572) and 1.618 ($90,000) are levels of support below current prices if sellers dominate. However, reclaiming and holding $105,276 becomes imperative to reach $110,000.
On-Chain Metrics Confirm Uptrend Momentum
Bitcoin’s development activity has fluctuated around the 8.00 to 10.00 range since June 10, showing moderate but consistent network participation. This sustained developer engagement reflects ongoing work on protocol upgrades and broader ecosystem support. Despite market volatility, core contributions remain stable, a signal for long-term innovation and resilience in the Bitcoin network.
Source:
Santiment
Meanwhile, the BTC versus S&P 500 divergence recently flipped positive, now sitting at 0.015. This shift indicates Bitcoin’s decoupling from traditional equity markets, a condition that often precedes more decisive independent price action. The current divergence suggests Bitcoin is entering a phase of potential price discovery.
Related: Bitcoin Drops to $98K And $693M Liquidated in 24 Hours
Global Geopolitical Calm Sparks Crypto Inflow
The recent surge also comes along with President Donald Trump’s announcement on Truth Social of a ceasefire between Iran and Israel. According to his post, both nations agreed to a “complete and total CEASEFIRE” following the completion of final military operations.
Previously, BTC observed a clear drop under $100K over the weekend after reports had come out about U.S. strikes on Iranian nuclear sites. With Trump laying claim to a ceasefire, BTC rallied sharply, so much so that it regained momentum and crossed $105K.
The loosening of political tensions brought market optimism and reduced the risk-off sentiment. These, along with favorable fundamentals and on-chain data points, argue in favor of Bitcoin continuing its upward trend toward the $110K target.
The post Bitcoin Rebounds to $105K; Can This Leg Take BTC Above 110K? appeared first on Cryptotale.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
AI Capital Expenditure Faces a Dilemma: Accelerating Puts Pressure on Cash Flow, Slowing Down Undermines the Growth Narrative
Nomura Securities believes that the AI investment narrative is mired in an internal contradiction: if hyperscale cloud providers accelerate capital expenditures, their free cash flow will continue to be drained, raising doubts about the sustainability of financing; if they slow down, it would indicate a loss of confidence in AI demand and profitability expectations. Both paths lead to sell-offs. The crowded long positions accumulated during the AI agent boom in September have triggered large-scale stop-losses under negative catalysts, spreading to US Treasury bonds, exchange rates, and commodity markets, resulting in systemic deleveraging.
Amazon (AMZN.US) CEO: AWS cloud computing capacity is fully booked until 2027, and a large amount of capacity has already been committed by customers for 2028
On Friday, Jassy stated that with the growing demand for artificial intelligence (AI) infrastructure, Amazon AWS cloud computing capacity is virtually sold out through 2027, and a significant portion of 2028 capacity has also been pre-booked by customers.
AI trading collapse: Will Anthropic postpone its "Super IPO"? The "scheduled listing date" in mid-November is approaching.
The time window is extremely tight—according to SEC regulations, the S-1 filing must be submitted by next week at the latest, and prediction markets estimate the probability of a listing within the year at around 80%. The sell-off in the AI sector has cast a shadow over the listing prospects, and the previous plan to go public in September has already fallen through. Several market participants say that Anthropic may face pressure to delay its listing, but some analysts point out that the company's urgent need for capital may drive it to stick to the original plan.
Crypto prices
More
