BTC Technical Analysis: Consumer Confidence Boosts Market Momentum Amid Key Resistance Levels

The latest data from COINOTAG News, dated May 28th, reveals that the US Consumer Confidence Index for May surged to a robust 98.0, significantly surpassing expectations of 87.1 and the prior figure of 85.7. This substantial uplift marks the most pronounced single-month increase since December 2024, signaling a noteworthy enhancement in consumer sentiment. Such optimism enhances the prospects for an economic soft landing, further buoyed by reduced tensions in US-Europe trade relations reported the previous day, leading to an uptick in risk assets overall. Nevertheless, analysts caution that the singular rebound this month could indicate a temporary shift rather than a sustainable trend, necessitating careful observation.

According to Bitunix Analysts, this surge in consumer confidence may provide a short-term stimulus to market risk appetite, fostering continued upward trajectories for crypto assets. However, it is essential to monitor critical technical resistance points and the inherent risks of retracement. Currently, Bitcoin (BTC) faces short-term resistance near $110,800, an area where previous rallies have struggled, making it a pivotal battleground between bulls and bears. Furthermore, the established support level around $108,000 has emerged as a key defensive threshold, and a decline below this point could incite profit-taking, inflicting a bearish sentiment across the market.