Bitcoin Stagnates: Will $100K Breakout Lead to Bullish or Bearish Trend?
- Bitcoin remains stagnant between $89,164 support and $109,356 resistance, with a breakout above $100K signaling bullish momentum.
- Fibonacci levels at $93,929, $96,877, and $99,260 will guide Bitcoins path, with $101,643 marking a key resistance for a bullish move.
- Bitcoins four-hour chart shows support at $94,091 and resistance at $102,569, with $99,000 key for potential bullish reversal or further sell-off.
Bitcoin is back to stagnation although it has been trading on a descending trajectory to correct the earlier price surge. The cryptocurrency for now is ranging within the support and resistance level zones with critical areas situated at $89,164 and $109,356. The price above $100,000 will form a bullish continuation pattern, while failure to achieve this level will be a sell signal. As of press time, BTC is trading at $97,695, showing a 0.22% decline over the past day.
Source: TradingView
Bitcoins Trend Reversal Signals
Fibonacci retracement levels are also important as important support or resistance levels that can be considered as trend reversal indicators. The 23.6% has been set at $93,929, with the 38.2% at 96,877 and 50.0% at $99,260. Bitcoin should entice higher resistance grounds with a push about $101,643. However, in case if price cannot sustain above $99,260, the price may extend towards $96,877 or below this level.
The four hours chart show a bearish trend but it is less steep hence slower as compared to the one hour chart above. The floor level is $94,091, Whereas the ceilings are located near $102,569. The Bearish pressure has confronted a fresh low test, which, if the price stays above the $99,000 mark, could be a sign of a bullish reversal. However, a failure to break past the $100000 level may lead to a fresh round of selling.
Source: TradingView
Fibonacci level on four hour chart shows resistance level indicators. The first retracement lies at $98,330 the second retracement being the 61.8% at $99,751. This could take Bitcoin to the $102,000 resistance level, depending on resistance breaking. If buying pressure decreases, $94,091 may be tested again.
Altcoin Market Trends
Daan Crypto, a trader on social media, decided to express his thoughts on how some of the altcoins had performed against Bitcoin. He added that the altcoins have also posted large swings in the last few months. On the other hand, the lower low has recently been matched by a quick rebound, which suggests short-term bounce or even break.
For a full trend reversal in altcoins, Daan Crypto points out that the market needs to break the local highs from December 2024. As for the other coins, they remain under pressure and continue to trade sideways in a tight range. However, there are signs of risk-takers after this sudden release.
To understand when the breakout will occur, traders should focus on these levels as they watch Bitcoin in its current range. This leaves the market direction indecisive, and the performance could depend on BTC movement within the support and the resistance levels.
Read more: https://www.tronweekly.com/bitcoin-stagnates-will-100k-breakout-lead-to/
Text source: TronWeekly
