Bitcoin Trades at $104K as Weekly Close Nears, Watch This $109,500 Resistance Level Closely

Bitcoin faces key resistance at $109,500 as traders await the weekly candle close for confirmation.

Over 800K active BTC addresses and 55.3% dominance show strong network and market participation.

Profit-taking and slowed whale accumulation may cause BTC to pause near $120K in the short term.

Bitcoin is currently trading at $104,364.47 and continues to move in a clear uptrend, maintaining a consistent rhythm in its price action. Market participants are watching for the weekly candle close to confirm whether the uptrend remains intact or faces a short-term pause.

BTC Maintains Momentum While Facing Key Resistance

According to an observation by Trader Tardigrade on X, Bitcoin has been moving "in a perfect rhythm" along its upward path. The price broke above $67,000 on May 30 and retested the level as support. Since then, the trend has remained steady, with BTC reaching highs near $111,000 before encountering profit-taking.

Cas Abbe noted that Bitcoin failed to close above its major resistance of $109,500, facing some selling pressure after briefly crossing that level. “Now BTC is back below resistance level which means bears are in some control,” he stated. A weekly close above $109,500 is viewed as critical for bulls to regain momentum.

Source: CasAbbe(X)

Meanwhile, CoinMarketCap data shows BTC dominance rose to 55.3%, suggesting traders are favoring Bitcoin over altcoins. Spot trading volume reached $28.5 billion on May 29, reflecting increased market participation.

On-Chain Metrics Signal Strong Participation but Near-Term Resistance

Glassnode reported over 800,000 active BTC addresses on May 29, reflecting growing retail and institutional interest. CryptoQuant added that unrealized profits currently average over 30% at $111,000, which may trigger some traders to take profits. Their recent report also indicated that whale accumulation has slowed slightly, which can precede a pause in upward movement.

Source: Cryptodoc(X)

Cryptodoc outlined three bounce zones in case of a correction: $103K, $97K–$98K, and $88K–$93K, with each scenario having its own target range between $125K and $150K. Still, CryptoQuant analysts suggested that a pause around $120,000 remains likely in the short term.

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