Bitcoin’s (BTCBTC traded at $95,500 on Jan. 1, a 9.5% increase. Traders were optimistic about BTC’s short-term price. “trend is up” As the price approaches a critical level of interest.
Takeaways from the conference:
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Bitcoin prices consolidate around $95,000, as bulls are facing a major obstacle ahead.
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The technical analysis of the price target for $113.200 BTC shows an ascending triangular pattern.
The Bitcoin price has reached an all-time high. “inflection point”
You can also read about the advantages of using Cointelegraph reported, Bitcoin’s ability to return to a six-figure price hinges on overcoming the resistance at $98,000 — the short-term holder (STH) cost basis.
It is the most important point for traders and has not been retested recently.
Related: Bitcoin rally collapses at $97K as funding rate stalls, retail traders sit out
“$BTC is approaching a key inflexion point,” said Glassnode’s Chris Beamish, in a post published on X last Friday:
“Reclaiming the STH cost basis would signal that recent buyers are back in profit, typically a prerequisite for momentum to re-accelerate. “
MN Capital Founder Michael van de Poppe said As long as BTC/USD remains above the 21-day Moving Average at $91,200 “the trend is up,” It’s only a question of time before it reaches $100,000.
The weekly chart of Analyst Mags shows Bitcoin rebounding from an underlying trendline dating back several years.
“Bitcoin is bouncing from the long-term trendline support it has been holding since March 2023,” Mags said In their most recent analysis of X, they added:
“Each time the price has bounced from this support, we have witnessed a strong run-up.”
Bitcoin rallied 172% the last time it bounced from this trendline, in October 2023. previous all-time high of $73,800On March 14, 2020,.
Some analysts predict that the BTC/USD will reach six figures, according to citing several factorsThe. whale accumulation, strong institutional demandThen, positive onchain metrics.
Bitcoin’s rising triangle targets $113,000
On the daily chart, you can see that the BTC/USD pairs is currently testing a horizontal trendline for an ascending triangle.
The resistance zone is between $99,500 and $96,000, the 200-day EMA. It’s a big obstacle that bulls have to break through in order for the market to continue its climb towards $113,000.
Bitcoins are consolidating on the an “ascending triangle along with confirmed weekly hidden bullish divergence,” said Matthew Hyland, an analyst at X in a post published recently:
“Price goes up.”
You can also find out more about the following: relative strength index From mid-November, when there were oversold situations, the number has increased to 64.
Bitcoin is a cryptocurrency. “trading strong but is pretty far from being overbought in the short term,” Daan Crypto Trades said, adding:
“There’s definitely a good amount of room to move higher for now. Just need the bulls to hold the lower timeframe bullish market structures.”
You can also read about the advantages of using Cointelegraph reportedA bullish divergence of the RSI, and a MACD crossed provided classic reversal signal as bulls target $101,000 for the next level that they will reclaim to confirm a trend.
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Source: cointelegraph.com
