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Bitcoin Price Support May Fail at $100,000 Amid ‘Ugly’ Candle

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What Happened to Bitcoin Miners That Pivoted to AI?
What Happened to Bitcoin Miners That Pivoted to AI?

Important points

  • Wyckoff’s analysis warns that the $100,000 target may not be reached.

  • The current push for $122,000 looks “ugly” Thanks to the rejection of daily deadlines.

  • Continued attention is focused on the CME Gap near $117.500.

BitcoinBTC() is at risk of breaking its bullish run too early, as the price target for BTC falls below $100,000.

You can also find out more about the following: latest market analysis ZAYK Charts and other traders have published warnings about an ongoing trend. “distribution phase” Bitcoin.

BTC Wyckoff price schematic eyes “$95,000 zone”

Bitcoin’s price is struggling to maintain its old highs of 2025.

ZAYK Charts said that the door is open to $95,000, a level not seen since early May. 

The Use of Wyckoff methodZAYK Charts has argued that BTC/USDT already enjoys the classic “mark up” The recovery phase has begun from the long-term lowest point. “distribution,” A traditional area of reversal for an upward trend.

“After a strong Accumulation Phase in March–April confirmed by bullish RSI divergence, BTC entered a powerful Mark-Up phase, reaching new highs,” A X was posted. 

“Currently, price action is showing signs of a Distribution Phase — sideways movement with weakening momentum, supported by bearish RSI divergence. If distribution confirms, the next phase could be a Mark-Down, with a potential drop toward the 95K zone.”

BTC/USDT using Wyckoff Analysis Source: ZAYK Charts/X

Since November last year, the BTC market has been dominated by the price range between $92,000 to $95,000. both support and resistance As the market saw significant fluctuations.

Mikybull crypto, a fellow trader described the week that was. push beyond $122,000The rejection of the. “ugly.”

He told X’s followers that BTC/USD had reentered the previous range and altcoins were its main beneficiaries.

CME gaps looms over US CPI report

Others were less categorical. Daan crypto Trades was among the traders who focused on the gap that is close to CME Group Bitcoin Futures.

Related: Bitcoin will make history at $340K if BTC beats last cycle’s 2,100% gains

“$BTC Retesting the trend line it broke out of before. The 4H 200MA/EMA are coming in right below,” He wrote Referring to simple moving averages and exponentially-weighted moving averages for four-hour periods. 

“But keep in mind that we do still have the CME gap which sits at around $117K. This would have some decent confluence with the 4H 200MA (Purple) and a wick into that region would make me look more closely for fresh longs on strong alts.”

BTC/USDT four-hour chart. Source: Daan Crypto Trades/X

On the day of July’s Consumer Price Index (CPI), the US will release its key macroeconomic data.

You can also read about the advantages of using Cointelegraph reportedParticipants on the market believe any unexpected result has an immediate impact upon cryptos and risky assets.

This article contains no investment recommendations or advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making any kind of decision.