Bitcoin’s recent bounce has restored hope in the market after two weeks of correction. It has technically resumed an uptrend following a week straight recovery but now faces resistance after rising 7% weekly.
Following the mid-December price drops from $108.3k, which set a negative narrative in the market, Bitcoin’s bullish landscape temporarily changed, and the price fell into the $91k range. This provides a sizeable discount for another buy—possibly the last leg up—before ending the bull run.
Fortunately, that range stood firm at the end of the month, and the price slowly bounced back but remained indecisive at around $98,000 throughout last weekend. However, the demand level increased today, and the price advanced near the important $100k level after three weeks.
While facing resistance, it is currently negotiating the important level for the next major move. The latest price increases suggested an end to the correction phase and looking at the recovery so far, the bulls appeared back in the control.
A surge through the important level could trigger a quick recovery to the top amid rising demand before exploding with a massive price break.
Conversely, failure to push higher could result to a small drawdown before resuming bullish. From the look of things, the bulls appeared not holding back momentum anymore.
BTC’s Key Levels To Watch
Source: Tradingview
Facing the $100,000 level, Bitcoin’s next target for a break-up would be a hidden $104,088 resistance level along with the current $108,353 all-time high. A crossover there could rally the price to a new ATH.
Bearish sentiments are currently off the market. If it returns, the price may slide through the $95,600 level to revisit the $91,530 support level. A breakdown from there could collapse BTC to $85,072 and potentially $81,500, where the rising trendline lies.
Key Resistance Levels: $100,000, $104,088, $108,353
Key Support Levels: $95,600, $91,530, $85,072
- Spot Price: $99,429
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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