{"id":30592,"date":"2025-06-06T12:17:40","date_gmt":"2025-06-06T12:17:40","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=30592"},"modified":"2025-06-06T12:17:40","modified_gmt":"2025-06-06T12:17:40","slug":"bitcoin-price-bounce-to-near-104k-though-encouraging-falls-short-of-bull-revival","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=30592","title":{"rendered":"Bitcoin Price Bounce to Near $104K, Though Encouraging, Falls Short of Bull Revival"},"content":{"rendered":"
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This is a daily technical analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.<\/em><\/strong><\/p>\n

Bitcoin’s BTC broader outlook is constructive, but its short-term prospects remain bleak, according to technical analysis.<\/p>\n

The leading cryptocurrency by market value has bounced back to nearly $104,000 from its overnight low of $104.30, alongside positive action in U.S. equity futures.<\/p>\n

However, a closer look at the hourly price chart reveals that the bounce is likely a classic breakdown and retest play \u2013 the cryptocurrency dove out of a head-and-shoulders pattern on Thursday, signalling a short-term bullish-to-bearish trend change, and prices are now revisiting the breakdown point, called the neckline.<\/p>\n

This happens because early sellers \u2013 those who shorted at the time of the breakdown \u2013 are quick to take profits, consistent with the prospect theory of behavioral analysis.<\/p>\n

It leads to a bounce that usually runs into fresh selling at the neckline from those who missed the initial breakdown. These fresh shorts lead to the next leg lower.<\/p>\n

In other words, BTC is not out of the woods yet, and prices could turn lower from around $104,000, extending the pullback. The immediate support is at $100,000, followed by $95,500. The latter is arrived at by subtracting the height of the H&S pattern from the breakdown point.<\/p>\n

\"BTC's<\/p>\n

On the higher side, a move above $107,000 is needed to invalidate the bearish setup and shift focus to record highs.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

This is a daily technical analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole. Bitcoin’s BTC broader outlook is constructive, but its short-term prospects remain bleak, according to technical analysis. The leading cryptocurrency by market value has bounced back to nearly $104,000 from its overnight low of $104.30, alongside positive action in U.S. equity […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-30592","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/30592","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=30592"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/30592\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=30592"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=30592"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=30592"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}