Bitcoin continues to show strong momentum as it consolidates between $95,000-$98,000. A breakthrough above $117,000 could trigger a significant rally, according to crypto analyst Burak Kesmeci.
Technical Analysis Points to Key Price Levels
The crypto market faces a critical juncture. Two key price levels will likely determine Bitcoin’s next major move. The 1.6 Gold Ratio Multiplier at $117,000 serves as the primary resistance level. A decisive break above this threshold could ignite a parabolic uptrend.
On the support side, the 111-day Moving Average (111DMA) at $94,000 acts as a crucial floor. The market must hold this level to maintain bullish momentum. A drop below could trigger increased selling pressure.
Market Dynamics and Catalysts
Several factors could drive Bitcoin’s next move. ETF inflows remain strong. Corporate interest in crypto continues to grow. The US shows progress toward crypto-friendly regulations.
However, risks exist. Recent exchange inflows hit $1.3 billion. Large inflows often signal potential selling pressure. The US inflation data and possible Fed rate hikes add uncertainty.
Bitcoin currently trades at $97,653. Its market cap stands at $1.93 trillion. Daily volume reached $32.29 billion, down 12.80%.
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Market Implications
The current consolidation phase suggests a major move approaches. Technical indicators point to increased volatility. Traders should watch the $117,000 and $94,000 levels closely.
A breakout above $117,000 could attract new buyers. This might push Bitcoin toward fresh all-time highs. However, a drop below $94,000 risks a deeper correction.
Tags: Bitcoin, Technical Analysis, Crypto Markets, Trading, Price Analysis
Source: NewsBTC