Bitcoin continues to show strength as it consolidates near the $100,000 mark. Technical analysis reveals a promising rounding bottom pattern that could trigger a significant upward movement in the coming week.
Market Analysis
BTC currently trades at $97,700, maintaining a tight range between $94,000 and $98,800. The formation of a rounding bottom pattern above $94,000 signals potential accumulation. This technical structure often precedes bullish breakouts.
Analyst Jelle highlights a new higher high set on Friday. This development strengthens the bullish case. The market awaits confirmation through another higher low over the weekend.
Key Price Levels
Several critical price levels demand attention:
- Immediate resistance: $98,000
- Major psychological level: $100,000
- Strong support: $94,000
- Secondary support: $89,000
Market Implications
A successful break above $100,000 could trigger a rally toward $109,000. The market shows remarkable resilience despite recent consolidation. Institutional interest remains strong at these levels.
However, traders should watch the $94,000 support. A break below could lead to a retest of $89,000. The next few days will likely determine Bitcoin’s short-term trajectory.
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The current consolidation phase presents both opportunities and risks. Traders should maintain strict risk management practices given the heightened volatility near psychological levels.
Tags: Bitcoin, Technical Analysis, Cryptocurrency Trading, Market Analysis, Price Prediction
Source: NewsBTC