Resistance Reloaded for Bitcoin: The Path to the $100K Threshold Faces a Strong $96K Hurdle
- Bitcoin is trading around the $94.9K level.
- BTC’s daily trading volume has surged by 48.39%.
- The market has seen $45.62 million in BTC liquidations.
The crypto assets are in an uncertain condition with its unclear price movement. Bitcoin, the largest asset, continues to be in a period of consolidation following multiple recovery attempts. BTC’s price is on the way to reclaim the $100K mark, but facing repeated rejections.
The asset’s price movement has formed a series of lows and highs as it fails to maintain the bullish momentum. In the early hours, BTC hit its peak of $95,598 and later visited the daily low at around $93,498.
The intraday fluctuations have made the price reach the current trading level. At press time, Bitcoin has spiked by 0.21%, traded within the $94,948 range. Consequently, the asset has stepped into the greed zone as the Fear and Greed Index holds steady at 60.
Furthermore, during this timeframe, the market has witnessed a 24-hour liquidation of $45.62 million worth of Bitcoin. Also, the daily trading volume of the asset has increased by 48.39%, reaching $30.87 billion.
Is Bitcoin Ready to Surge or Bound to Stumble?
On the four-hour chart, Bitcoin reports a bearish takeover, signaling a short-term trend reversal. The formed red candlestick might keep the asset trapped in a consolidation phase. BTC could find its key support at $94,461, and further losses would put additional downside pressure, sending the price to $93K.
Assuming the asset’s price paints a green chart, it typically hints at a bullish signal. A bounce off to $95,880 could nullify the negative trend and bring in a resurgence in demand, likely triggering Bitcoin to reclaim the $100K threshold. An extended gain might break above and attempt to revisit its ATH of $109,114.
BTC’s Moving Average Convergence Divergence (MACD) line has crossed below the signal line, indicating a bearish crossover. If it continues declining, the asset remains weak. Besides, the Chaikin Money Flow (CMF) indicator at 0.09 suggests the money is flowing into the asset with mild buying interest in the market.
Moreover, Bitcoin’s daily relative strength index (RSI) at 57.14 falls in the neutral to bullish zone, reflecting slight bullish momentum. Notably, the Bull Bear Power (BBP) value of 749.76 shows a strong bullish bias as buyers are in control of the market.
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Resistance Reloaded for Bitcoin: The Path to the $100K Threshold Faces a Strong $96K Hurdle
- Bitcoin is trading around the $94.9K level.
- BTC’s daily trading volume has surged by 48.39%.
- The market has seen $45.62 million in BTC liquidations.
The crypto assets are in an uncertain condition with its unclear price movement. Bitcoin, the largest asset, continues to be in a period of consolidation following multiple recovery attempts. BTC’s price is on the way to reclaim the $100K mark, but facing repeated rejections.
The asset’s price movement has formed a series of lows and highs as it fails to maintain the bullish momentum. In the early hours, BTC hit its peak of $95,598 and later visited the daily low at around $93,498.
The intraday fluctuations have made the price reach the current trading level. At press time, Bitcoin has spiked by 0.21%, traded within the $94,948 range. Consequently, the asset has stepped into the greed zone as the Fear and Greed Index holds steady at 60.
Furthermore, during this timeframe, the market has witnessed a 24-hour liquidation of $45.62 million worth of Bitcoin. Also, the daily trading volume of the asset has increased by 48.39%, reaching $30.87 billion.
Is Bitcoin Ready to Surge or Bound to Stumble?
On the four-hour chart, Bitcoin reports a bearish takeover, signaling a short-term trend reversal. The formed red candlestick might keep the asset trapped in a consolidation phase. BTC could find its key support at $94,461, and further losses would put additional downside pressure, sending the price to $93K.
Assuming the asset’s price paints a green chart, it typically hints at a bullish signal. A bounce off to $95,880 could nullify the negative trend and bring in a resurgence in demand, likely triggering Bitcoin to reclaim the $100K threshold. An extended gain might break above and attempt to revisit its ATH of $109,114.
BTC’s Moving Average Convergence Divergence (MACD) line has crossed below the signal line, indicating a bearish crossover. If it continues declining, the asset remains weak. Besides, the Chaikin Money Flow (CMF) indicator at 0.09 suggests the money is flowing into the asset with mild buying interest in the market.
Moreover, Bitcoin’s daily relative strength index (RSI) at 57.14 falls in the neutral to bullish zone, reflecting slight bullish momentum. Notably, the Bull Bear Power (BBP) value of 749.76 shows a strong bullish bias as buyers are in control of the market.
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Read More
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