Bitcoin Bounces Back: Can Bullish Momentum Hold or Has the Market Topped?

Bitcoin has shown signs of recovery after experiencing a sharp decline, briefly falling below $100,000. The recent plunge wiped out over $2 billion in liquidations mostly from long positions, marking a significant flush of leveraged trades. The total crypto market cap has rebounded to $3.5 trillion, with a 3% increase in 24 hours. Despite mixed signals from traditional markets, Bitcoin's sentiment is turning slightly bullish, as the Relative Strength Index (RSI) suggests that selling pressure is easing. Currently trading at $103,824, traders are cautious, with key technical indicators showing potential for a reversal but lacking strong trend momentum. Immediate resistance levels are noted at $105,000, while strong support is seen at $102,000 and $100,000. Analysts suggest the next moves will depend on whether Bitcoin holds above these key levels. There is a cautious optimism amidst concerns regarding the ongoing U.S. government shutdown and its economic ramifications, making future price movements uncertain yet potentially pivotal for market direction.

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