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Bitcoin breaks through $107,000, triggering a DeFi rebound: PENDLE, AERO, UNI continue to surge.
Gate News bot message, FXStreet analyst Vishal Dixit stated that Bitcoin (BTC) slightly broke through $107,000 as of Tuesday's press time after soaring 1.14% the previous day. Decentralized Finance (DeFi) tokens such as Pendle (PENDLE), Aerodrome Finance (AERO), and Uniswap (UNI) led the market's slight rebound.
Vishal stated that Bitcoin reached a 24-hour high of $108,952 on Monday, before falling to $106,000. It has slightly rebounded during the day and is currently maintaining above $107,000, while the long shadow on the 4-hour chart highlights the key support level at $106,143.
The price trend indicates that the bullish momentum failed to break through the resistance level of $108,779, resulting in a bearish engulfing candlestick that declined by 1.71%. If the closing price breaks through this key resistance level, it may propel Bitcoin towards the historical high of $111,980.
The Relative Strength Index (RSI) has dropped from 55 to near the halfway mark, indicating a slight decrease in bullish momentum. Further increases, along with the decline of the green histogram, have the Moving Average Convergence Divergence (MACD) indicator warning that a crossover may occur below its signal line. This suggests that Bitcoin may experience a bearish reversal.
If the bulls fail to hold the support level of $106,143, a close below this level may extend the downtrend towards the support level of $103,487 from May 31.
(Source: FXStreet)