The market data shows that Bitcoin follows an upward cycle and analysts expect it to break through $100,000 in the next seven days. Bitcoin keeps recovering from its support levels despite trading sideways recently because market participants expect big price increases soon.
In his latest Bitcoin analysis Jelle said Bitcoin develops a 4-hour rounding bottom chart pattern which shows when traders start buying before price breaks. Jelle indicated Bitcoin made a fresh price high on Friday which supports its continued upward trend.
Bitcoin Approaches Key Resistance
The price of BTC will test $100K next week because it stayed above $94,000 and made another upward momentum at the end of the weekend. The price of Bitcoin shows $97,700 on its trading chart after reaching $98,800 against the 4-hour 200 EMA. The market shows restraint because BTC stays within 3% of the important resistance point at $100K.
When buyers push the price past its current barrier at $100K they will create a pathway towards $109000 as future price targets. People expect BTC prices to go up but market conditions remain unstable. BTC demonstrates strength when it remains above $94K but needs to defend this support to keep its upward momentum.
The price may fall toward $89K rather than climb as buyers try to restore interest. A market fall beneath this point may enable sellers to assert themselves longer and strengthen negative momentum. BTC short-term market movement will be defined by the following spans of time. Investors and traders actively track BTC prices because they focus on the resistance points at $98K and $100K.
The market’s bull strength depends on breaking above the $100K mark with follow-through and the correction depends on the resistance failing. All market participants wait to see if BTC bulls can break through $100K resistance and keep the price up longer or if a new wave of market volatility will hold back the predicted price breakout.
