Bitcoin price analysis (Bullish) — 106221.89 USDT (+4.39% 24h)

Bitcoin continues its impressive rally, pushing past $106,200 with strong 4.39% gains over the past 24 hours. The current price sits comfortably above both the 20-day SMA ($104,798) and 50-day SMA ($103,126), indicating sustained bullish momentum. However, caution flags are emerging as the RSI reading of 78.76 signals overbought conditions, suggesting potential for a near-term pullback. Trading volume remains robust at $2.26 billion, supporting the current price action but also indicating heightened volatility at 2.53%. Traders should consider taking partial profits at these levels while maintaining core positions. For new entries, waiting for a pullback toward the $104,800 support level would provide better risk-reward opportunities. Stop losses should be placed below $103,000 to protect against any sudden reversal. The overall structure remains bullish, but prudent position sizing is advised given the elevated RSI readings.