Bitcoin Holds Steady: Will It Break $100,000 or Pull Back?
Bitcoin (BTC/USDT) is currently trading around $97,531, consolidating after a strong rally earlier this month. The price has encountered resistance near $99,390, forming a potential rounding top pattern that hints at short-term exhaustion in the bullish momentum.
The resistance zone at $99,390-$100,000 remains a critical barrier. A breakout above this level could signal the continuation of Bitcoin's upward trajectory, potentially targeting the $102,000-$105,000 range. However, the failure to breach this zone would increase the likelihood of a pullback.
If a pullback occurs, Bitcoin is likely to test the key support area around $93,994-$94,000. This level has previously attracted buyers, and a bounce here could reinforce the broader bullish structure. On the other hand, a decisive break below this support would shift the sentiment to bearish, opening the door to further declines.
At this juncture, Bitcoin remains in a neutral-to-bullish phase, with its next move hinging on whether it can break the psychological $100,000 barrier. Traders are advised to watch the price action closely around these pivotal levels as the market awaits a clear direction.
The resistance zone at $99,390-$100,000 remains a critical barrier. A breakout above this level could signal the continuation of Bitcoin's upward trajectory, potentially targeting the $102,000-$105,000 range. However, the failure to breach this zone would increase the likelihood of a pullback.
If a pullback occurs, Bitcoin is likely to test the key support area around $93,994-$94,000. This level has previously attracted buyers, and a bounce here could reinforce the broader bullish structure. On the other hand, a decisive break below this support would shift the sentiment to bearish, opening the door to further declines.
At this juncture, Bitcoin remains in a neutral-to-bullish phase, with its next move hinging on whether it can break the psychological $100,000 barrier. Traders are advised to watch the price action closely around these pivotal levels as the market awaits a clear direction.
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