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Bitcoin (BTC) Price Prediction for May 16
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The Bitcoin price today is hovering near $102,400 after bulls failed to close above the $105,000 level on May 14–15. While the broader trend remains bullish, short-term indicators show fading momentum after a multi-week rally that began from $74,000. A rejection from key resistance has left BTC vulnerable to a pullback as traders eye intraday support zones.
What’s Happening with Bitcoin’s Price?
After a sharp rise from $78,000 to $105,700, Bitcoin price action has entered a cooling phase. The 4-hour chart shows BTC forming a narrowing triangle structure with lower highs and horizontal support near $100,800. This range-bound behavior indicates market indecision. At the time of writing, price is testing the lower boundary of this formation.
Meanwhile, the weekly Fibonacci chart shows BTC rejecting from the 0.786 retracement level at $101,970 and unable to reclaim the 1.0 Fib at $109,396. This level marks a strong historical resistance. If BTC fails to break above this zone, it could enter a broader retracement phase toward the 0.618 level at $96,556.
Bitcoin Price Faces Intraday Pressure Near Key Support
The post Bitcoin (BTC) Price Prediction for May 16 appeared first on Coin Edition.
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Bitcoin (BTC) Price Prediction for May 16
Share:
The Bitcoin price today is hovering near $102,400 after bulls failed to close above the $105,000 level on May 14–15. While the broader trend remains bullish, short-term indicators show fading momentum after a multi-week rally that began from $74,000. A rejection from key resistance has left BTC vulnerable to a pullback as traders eye intraday support zones.
What’s Happening with Bitcoin’s Price?
After a sharp rise from $78,000 to $105,700, Bitcoin price action has entered a cooling phase. The 4-hour chart shows BTC forming a narrowing triangle structure with lower highs and horizontal support near $100,800. This range-bound behavior indicates market indecision. At the time of writing, price is testing the lower boundary of this formation.
Meanwhile, the weekly Fibonacci chart shows BTC rejecting from the 0.786 retracement level at $101,970 and unable to reclaim the 1.0 Fib at $109,396. This level marks a strong historical resistance. If BTC fails to break above this zone, it could enter a broader retracement phase toward the 0.618 level at $96,556.
Bitcoin Price Faces Intraday Pressure Near Key Support
The post Bitcoin (BTC) Price Prediction for May 16 appeared first on Coin Edition.
In This News
Coins
Share:
In This News
Coins
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Read More
Bitcoin Must Break $88K or Risk Drop Toward $80K, Analysts Warn