Technical analysis by ScottMelker about Symbol BTC on 5/30/2025

Bitcoin has pulled back slightly after the recent surge, currently holding above the $105,500 area, which was previously resistance. This level could now act as support, though it’s early to call. The overall market structure remains bullish, with price trading above both the 50-day and 200-day moving averages, and the moving averages themselves still aligned in a bullish formation.Volume has tapered a bit on the pullback, suggesting this might just be a healthy retracement rather than a reversal. If Bitcoin can hold this level and continue consolidating, it could set the stage for another move higher. However, a break below $105,500 could open the door for a deeper pullback, with $99,500 as the next key level to watch.Always proceed with caution, especially after strong rallies.