Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, continues to capture the attention of analysts, traders, and investors as it dances around historic price levels. According to a recent analysis shared by popular crypto analyst Egrag Crypto on X, Bitcoin’s near-term bullish outlook hinges on a key price milestone: a daily close above $104,674. This level, Egrag explains, is not just a psychological barrier but a critical technical juncture. It aligns with the 21-day Exponential Moving Average (EMA) and the Fibonacci 0.888 retracement level, both known indicators of market strength and momentum. A daily close above this threshold would signal strong bullish sentiment, suggesting that buyers are in control and that Bitcoin could soon chart a path toward new all-time highs (ATH). #BTC – Daily Close Above $104,674 Is Bullish! For #BTC to remain bullish, it must close above $104,674 on the daily chart. This level aligns with the 21 EMA and the Fib 0.888 – signaling strong bullish momentum. However, a different scenario could play out: A #Bearish … pic.twitter.com/h0Q6wmMkC9 — EGRAG CRYPTO (@egragcrypto) June 2, 2025 Why $104,674 Matters To understand the significance of the $104,674 mark, one must consider how technical analysis plays a role in crypto markets. The 21 EMA is often viewed as a dynamic support or resistance level. When the price trades above this average, it generally signals that the prevailing trend is bullish. In combination, the Fibonacci 0.888 retracement level is regarded by many traders as a “last line” of retracement before a continuation of the larger trend, in this case, upward. Egrag Crypto’s post highlights that a daily close above this level will cement bullish momentum, increasing the probability that Bitcoin will push past resistance levels and aim for new price discoveries beyond its previous highs. The Bearish Alternative: Watching Key Support Levels While the bullish scenario is compelling, Egrag Crypto prudently outlines an alternative, more cautious possibility: a bearish retest. Should Bitcoin fail to maintain a daily close above $104,674, the analyst points to the Fibonacci 0.618 level as the next critical support zone. This level has historically acted as a sturdy floor during pullbacks, providing the foundation for recovery and fresh rallies. We are on twitter, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) July 15, 2023 However, if this support fails to hold, Egrag warns that the market could experience a deeper correction, potentially driving Bitcoin’s price down to the Fibonacci 0.5 zone. Such a move would likely trigger a wick, a temporary sharp price dip, that could flush out leveraged positions and shake weaker hands before any subsequent recovery. For traders, this scenario underscores the importance of risk management and close monitoring of market reactions at key support levels. Volume as the Confirmation Signal Beyond price action and chart patterns, volume remains the ultimate confirmation signal. Egrag emphasizes that traders must observe whether daily volume aligns with price movements to determine the strength of the breakout or retracement. A breakout to new ATHs without corresponding volume could indicate a lack of conviction among market participants, raising the risk of a swift reversal. Conversely, a breakout supported by surging volume would provide stronger confirmation that the bullish trend is intact and sustainable. For now, the crypto community waits with bated breath. Bitcoin’s position near critical technical levels makes it a magnet for both bullish and bearish speculation. Whether the market leans toward new highs or a retracement first, one thing is clear: as long as Bitcoin hovers near these pivotal zones, the next few daily closes will be crucial in shaping its medium-term trajectory. Disclaimer : This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on Twitter , Facebook , Telegram , and Google News The post Analyst Says Bitcoin Daily Close Above $104,674 Is Bullish. Here’s Why appeared first on Times Tabloid .
