Bitcoin is finally back at the much-anticipated $100K level after a few days of consolidation. Investors and analysts were closely watching BTC price movements for clues on its next move. The psychological landmark had become a major resistance level. Recent market optimism is boosted by the recent break above $100K, but it remains to be seen if Bitcoin can maintain its momentum.
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Carl Runefelt, a top analyst at X has shared a technical analysis that highlights a pattern that is forming on Bitcoin’s 1 hour timeframe. Runefelt said that Bitcoin has formed a symmetrical triangular pattern, a chart pattern which usually signals a major price change. The pattern suggests that Bitcoin is coiling for a decisive breakout or breakdown, with the next few days—or even hours—potentially shaping its short-term trajectory.
The Bitcoin revolution is at a pivotal point. broader crypto market experiences renewed energy Following a weak end of last year. Investors have a cautious optimism, but are also optimistic. This is because the technical setup can indicate either an extended rally or temporary setback. BTC is back into six-figure territory. The stage has been set for an important period in the first quarter 2025.
Bitcoin Breaks Above $100K But Faces Risks
Bitcoin’s impressive surge to $102,700 has fueled optimism about a bullish future. Investors continue to watch the leader of the market, who has shown resilience since reclaiming $100K. BTC does not come without risk; any decline in current values could lead to a substantial pullback that would shake investor confidence.
Carl Runefelt, a top analyst recently shared a detailed technical analysis on XThis chart shows Bitcoin’s hourly triangle formation. This chart pattern is often used to signal a sudden breakout or a breakdown of the market. Runefelt emphasized that the next move could occur as the price consolidates tightly within the triangle.
Runefelt highlighted key price goals for traders. If the price closes under $100K, it would signal a downturn and invalidate any bullish momentum that has been built in recent weeks. In contrast, a break above $103K will confirm the bullish trend and pave the way for further gains.
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Bitcoin’s future will be determined by the indecision of the market in coming days. Although optimism is surrounding the possibility of an extended bull cycle, increased volatility could be a sign that caution should be exercised during this crucial period.
Testing Fresh Liquidity
Bitcoin has risen to $101,400 following a 4-hour break above the crucial $100K level, causing renewed optimism in investors. The clean break has brought BTC above the psychological $100K level, which is a strong sign as BTC tries to keep its bullish momentum.
But the fight is not over yet. Bitcoin is still showing a promising price, but the bulls have to keep pushing it higher to take full control. If $103,600 is broken, it could be the next big hurdle. If Bitcoin were to move strongly above the $103,600 mark, it would prove its bullish structure. It could also attract new buyers and drive prices up.
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A failure to maintain above $100K may result in a phase of consolidation. This could keep BTC in a range, frustrating traders and delaying bullish breakouts that investors have been waiting for.
Featured picture from Dall E, chart by TradingView
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Source: www.newsbtc.com
