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Bitcoin News: Stability and Speculation Amid High Profile Social Media Spat
Bitcoin experienced a significant price drop last Thursday following a heated public exchange between US President Donald Trump and billionaire Elon Musk. After maintaining a steady position within the $104,000–$106,000 range, the cryptocurrency dipped below $101,000 due to the escalating tensions. However, it has since demonstrated resilience, recovering to approximately $104,000. Market analyst Crypto Daan has now identified key levels that could signal the next major price movement in this evolving bitcoin news story.
Market Dynamics and Future Projections
Throughout May, Bitcoin showed robust growth, soaring from about $95,000 to a new high near $112,000, signaling a bullish market. Despite this peak, it faced a correction, stabilizing around $104,000 by the end of the month. Currently, Bitcoin fluctuates within the $100,000 to $106,000 range, positioning itself near the mid-point of this bracket.
Crypto Daan suggests that if Bitcoin dips below the $100,000 mark, we might see an extended correction period lasting a few weeks, with potential support levels at $95,000 and $85,000. Conversely, a surge above $106,000 could indicate the end of the correction phase, potentially leading to new highs with initial targets around $120,000.
Current Bitcoin Trading Insights
As of now, Bitcoin is trading at $104,650, showing a recent increase of 2.98%. Over broader timeframes, it has risen by 1.12% weekly and 7.49% monthly, indicating sustained bullish momentum. The Relative Strength Index (RSI) on the daily chart is positioned at 51.53 and trending upward, hinting that the correction phase might be concluding with the price aiming to re-enter the overbought territory.
With a market capitalization of $2.07 trillion, Bitcoin remains the leading cryptocurrency and the fifth largest asset globally. For more detailed insights and updates on this topic, you can visit [Financier News](https://www.financier.news/).
To explore more about Bitcoin and other cryptocurrencies, check out [Binance](https://www.binance.com/), where a wealth of resources and trading options are available.
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