Bitcoin continues to show resilience as it maintains stability within its weekly range. After recovering from a dip to $91,000, the leading cryptocurrency now faces a crucial test at the $98,000 level.
Current Market Dynamics
BTC has established a trading range between $96,000 and $99,000 since early February. The recent market correction tested support at $91,000, but Bitcoin quickly recovered. This swift bounce demonstrates strong buyer interest at lower levels.
Technical Analysis
A key diagonal trendline serves as crucial support for Bitcoin. This former downtrend line, broken during the latest ATH breakout, now acts as a foundation for potential upward movement.
For Bitcoin to target $101,000, it must first:
- Secure a daily close above $97,700
- Convert this level into stable support
- Build momentum for the next leg up
Historical Context and Future Outlook
February traditionally performs well for Bitcoin. The 16th week of the Post-Halving Parabolic Phase often marks the beginning of significant price movements. This timing suggests we could see renewed momentum soon.
Market structure remains bullish on higher timeframes, despite neutral short-term momentum. A breakthrough above $100,000 could trigger a new phase of price discovery.
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Market Implications
The current consolidation phase could set the stage for Bitcoin’s next major move. Risk sentiment may improve significantly once BTC enters price discovery mode above its previous all-time high.
Analysts expect the Second Price Discovery Uptrend to emerge in the coming weeks. This aligns with historical post-halving patterns and could drive substantial price appreciation.
Tags: Bitcoin Price Analysis, Crypto Technical Analysis, BTC Trading, Market Analysis
Source: NewsBTC