Bitcoin continues to show resilience as it maintains stability within its weekly range. After recovering from a dip to $91,000, BTC now faces a crucial test at the $98,000 level for its next major move.
Current Market Dynamics
BTC has established a trading range between $96,000 and $99,000 since early February. The leading cryptocurrency has demonstrated strength by maintaining support above a key diagonal trendline. This stability suggests a potential foundation for future growth.
Technical Analysis
The $97,700 mark emerges as a critical threshold. A daily close above this level could trigger momentum toward $101,000. Bitcoin’s current price action shows:
- Strong support at the diagonal trendline
- Consolidation between $90,000-$108,000
- Neutral short-term momentum
- Bullish higher timeframe structure
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 uptrends. This timing aligns with current market positioning.
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Market Implications
A successful break above $97,700 could trigger renewed buying interest. The market structure suggests accumulation at current levels. Risk sentiment may improve significantly once BTC enters price discovery mode above $100,000.
Bitcoin currently trades at $96,091, showing signs of consolidation. The broader market awaits clear directional cues from BTC’s next major move.
Tags: Bitcoin, Technical Analysis, Market Analysis, Cryptocurrency Trading, Price Action
Source: NewsBTC