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02.06.2025 04:30 AMBitcoin
Over the weekend, Bitcoin formed a reversal from the supports at the target level of 102,698 and the embedded green price channel line.
If today's candlestick closes in white (bullish), it will confirm consolidation above the price channel line and definitively open the path toward the first target level at 111,770. Breaking through this level will open the way to the second target at 115,970 — the upper boundary of the price channel.
The Marlin oscillator has turned upward but along a gentle trajectory, meaning its growth is not providing strong support to the price. A slow price increase is possible.
On the four-hour scale, the Marlin oscillator has secured a position in the positive trend zone. Above the price, the MACD line (a key moving average) is situated. Its proximity likely explains the current lack of strong bullish sentiment. However, consolidating above this line, above 107,208, could accelerate progress.
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