Bitcoin hits ”psychological tipping point” at $105,500... ”Long-term outlook remains positive”

As Bitcoin prices have stabilized around $105,000 after correcting from their recent all-time high of $111,800, the current price range is being driven by both technical and psychological factors.
It is a turning point, and the assessment is that the bull market is still valid in the long term. On the 1st (local time) according to The Block, BTC Markets cryptocurrency analyst Rachel Louka
"Currently, indicators such as the RSI and MACD suggest that short-term upward momentum is weakening somewhat, but the longer-term signal is still bullish," said Rachael Lucas.
"There is growing confidence among market participants that we are entering the early stages of a new supercycle," he added.
According to LUCAS, Bitcoin price support is forming around the $103,000 level, with stronger support at $97,600.
Over the next few days, Bitcoin could move in one of two scenarios. He said, "If Bitcoin holds in the $103,000-$105,000 range,
"A further bounce towards $115,000 would be possible. Conversely, if this support level breaks, a deeper correction to $93,000-$97,000 is also open."
However, he explained that even in the latter case, it is difficult to see this as a break in the long-term upward trend, but rather it should be seen as a period of recharging energy for the next upswing.
"Many traders are now adopting a cautious stance and reserving judgement on whether this is a short-term high or a temporary correction before the next upswing," he added.
Meanwhile, Zabro said that in recent times, institutional investment in the cryptocurrency market has been active, with Bitcoin at the forefront, while major altcoins have received relatively little attention.
Analysts say the current market trend is driven more by institutional investors than retail investors, which is pushing Bitcoin's market share closer to its cyclical high.
Min Jung, an analyst at Presto Research, said, "The recent demand is for strategy, meta-platforms, and other services.
"The upswing is coming from companies like Metaplanet and Twenty One, so the price movement in altcoins is relatively weak."
While some companies are considering assets like Ether (ETH), Ripple (XRP) and Solana (SOL), most companies' financial strategies are still structured around Bitcoin.
Analyst Min said, "The key will be how sustainable this corporate-centered demand is."