Bitcoin Climbs Back Above $105K In The Middle Of Market Rebound and Musk Tensions
Bitcoin rebounds above $105K after dipping to $100K, forming a V-shaped recovery as traders eye resistance at $106K and $107K. Market volatility spikes in the middle of Musk’s stablecoin ambitions and rising political pressure as legislators weigh tighter crypto regulations. Technical assistance at $100,400 triggers a strong rally while debt consolidation phases assist absorb gains ahead of major resistance levels. According to Altcoin Daily on X, Bitcoin has actually recovered vital levels above $105,000 after an unstable session marked by a significant V-shaped recovery. The asset initially plunged from highs around $106,000 to intraday lows near $100,400. However, buying pressure surged at the $100,400 support, triggering a strong rally. Currently, Bitcoin trades near $105,701 with price action testing key resistance zones. Sharp Reversal Sparks RallyThe chart reveals down momentum early in the session. Red candlesticks dominated as sellers pushed the price lower. Large-bodied candles indicated intense volatility with strong bearish sentiment. Bitcoin found firm support at $100,400. Buyers stepped in aggressively, forming green candlesticks that signaled a bullish reversal. Hence, the market transitioned from panic selling to accumulation. Price steadily advanced, slicing through multiple resistance zones. Consolidation periods allowed the market to absorb gains. These were temporarily marked by mixed candles, showing healthy pullbacks during the uptrend. Furthermore, volume increased during key inflection points, validating retail and institutional interest, especially near psychological levels like $100,000 and $106,000. Musk’s Stablecoin Danger Stirs Political ConcernsMeanwhile, tension surrounding Elon Musk and crypto regulation intensified. Musk’s company, X, aims to launch a payment platform with Visa called “X money.” Lawmakers fear this move could enable the creation of a dollar-pegged stablecoin, blurring boundaries between tech companies and financial institutions. Consequently, Congress may include language in upcoming crypto legislation to restrict such efforts, potentially blocking tech companies from leveraging stablecoins in financial products. This directly challenges Musk’s aspirations and stirs division in Washington. Additionally, X is already registered with the Treasury’s FinCEN and holds licenses in several states as a money transmitter. These political dynamics add uncertainty to an already volatile market. Traders now weigh both technical resistance near $107,000 and the impact of looming policy. The $106,000 level, marked by a dotted yellow line, remains the crucial battleground. The post Bitcoin Climbs Back Above $105K In The Middle Of Market Rebound and Musk Tensions appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
