Key takeaways:
Bitcoin price consolidates as resistance at $105,000 prevents a rally to new all-time highs.
Traders are slightly bearish, but historical data suggests a sudden bullish move should not be ruled out.
Bitcoin (BTC) price has been consolidating within a roughly $3,500 range over the past seven days as the $105,000 level remains the overhead resistance to break.
BTC/USD weekly chart. Cointelegraph/TradingViewBitcoin unable to crack $105,000
Data from Cointelegraph Markets Pro and Bitstamp shows that BTC’s price has been oscillating between its resistance level at $105,000 and $101,500, where it has found support.
“$BTC is stuck in a narrowing $101.5K–$104K range,” said Swissblock in a May 16 post on X.
The onchain data provider said that Bitcoin began consolidating after two failed attempts to break above the resistance at $105,000.
“With the