Bitcoin is hovering just below the highly anticipated $100,000 mark, creating tension among traders. As prices teeter between $98,500 and $98,750, the market stands at a crossroads. Will bitcoin surge past resistance, or is a correction looming?
Daily Chart Insights: A Closer Look at the Uptrend
The daily chart shows bitcoin’s steady climb from $65,000, now approaching $99,500. Bullish momentum is evident through higher highs and lows. However, a slight dip in trading volume near $99,500 suggests buyer enthusiasm may be cooling. Safer entry zones could be around $90,000–$92,000, while targets above $100,000 remain possible if the uptrend continues.
4-Hour Chart: Key Resistance at $99,500
On the 4-hour chart, bitcoin struggles to clear the $99,500 resistance. Tight price movements and small volume spikes hint at profit-taking. Support at $95,000–$96,000 remains crucial. A breakout above $99,500 with strong volume could open the door to further gains. Conversely, losing the $95,000 level might trigger a decline toward $92,000.
1-Hour Chart: Consolidation Signals a Tipping Point
Bitcoin is trading sideways between $98,500 and $99,500 on the 1-hour chart, with dwindling volume. This consolidation phase often precedes significant price action. A bullish breakout above $98,500 on high volume could push prices higher, while a drop below $98,000 might signal bearish momentum.
Technical Indicators: Mixed Signals
Technical indicators are sending mixed messages. The RSI and Stochastic suggest neutral conditions, while the CCI and momentum indicators lean cautiously optimistic. Key moving averages, such as the 10-day and 50-day EMAs, still favor the broader uptrend. However, the psychological $100,000 resistance level remains a significant hurdle.
Bullish Outlook
If bitcoin breaks $99,500 with robust volume, it could climb toward $105,000 or higher. Pullbacks to the $95,000–$96,000 range may present buying opportunities. A decisive move above $100,000 could draw more buyers and boost market confidence.
Bearish Outlook
Failing to hold the $95,000 support could lead to a drop to $92,000. Lower volumes near $99,500 suggest potential buyer fatigue. A breakdown below $98,000 could amplify selling pressure, with bearish traders capitalizing on weakened market sentiment.
