Bitcoin Nearly Hits $104K! Will It Rise or Fall Again? 🤔

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What to Know:

  • Bitcoin’s outlook is as optimistic as a cat in a sunbeam, but beware the clouds—short-term chaos looms.
  • The coin bounced back to nearly $104,000, but don’t get too excited—this might be just a fleeting fancy before yet another tumble.
  • Support levels are at $100,000 and $95,500—like a sturdy wall against the storm—while a dash above $107,000 would really make the bears worried.

Daily analysis by CoinDesk’s own Sherlock, Omkar Godbole.

Bitcoin’s broader perspective is seemingly constructive—as if it’s trying to convince us it’s okay—yet the short-term scene is moodier than a Dostoevsky novel.

The leading cryptocurrency has clawed its way back from the depths of $104.30 to nearly $104,000, riding the wave of US stock futures—just enough to make traders pretend they’re optimistic.

But a sneaky peek at the hourly chart reveals this bounce might be nothing more than a classic “fake-out”—a game of heads I win, tails you lose. The coin slipped out of a head-and-shoulders pattern on Thursday, signaling a mind-blowing switch from bullish to bearish—like a character in a story who suddenly changes sides.

Now, prices are flirting with the neckline—the supposed “breakdown point”—where early sellers are quick to grab profits and exit stage left, just before the next tumble.

This means the crypto isn’t exactly beating the drum of victory, and may soon descend from the mighty $104,000, heading south to support levels of $100,000 and then $95,500—roughly the height of that confusing head-and-shoulders ordeal subtracted from the breakdown point.

On the bright side (if we can call it that), climbing above $107,000 would be like finding the Holy Grail—snatching victory from the jaws of defeat and turning the bearish tale into a bullish fairy tale.

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2025-06-06 15:07