Regaining momentum last week, Bitcoin failed to push above its current high following a steady shrink in volatility. The trend still looks bullish in the long term but will likely correct lower before resuming the rally.
Bitcoin’s trend remains bullish on the daily chart but the price looks stalled over the past week after several failed attempts to push above the psychological $100k level. The newly tapped all-time high has been an obstacle to Bitcoin’s next move for almost two weeks.
Meanwhile, the bulls are still eyeing the mentioned psychological level, but they appear weak at the moment. This level should manifest when they return.
While the bulls continue to take a break, regrouping for the next leg up, Bitcoin’s lost buzz and initiated drops today. It currently trades in the $95,000 range as it forms a double-top pattern on the daily chart.
A further decline could bring a major correction in the short term before skyrocketing to a new ATH. Losing momentum should provide more opportunity to reaccumulate for bigger moves.
That said, the temporal halt in bullish has given life to many lower-cap altcoins in the past week. If Bitcoin continues to hover, we can expect more rallies amongst some undervalued assets before deciding on where next to head. For now, the bull season remains intact.
BTC’s Key Levels To Watch
Now that BTC is back in the $95,000 range, we may see more sell-offs in the coming days. The closest support level lies at $90,791 – last week’s low. If this support fails to produce a bounce, $85,072 and $81,500 are the next level to keep in mind.
Towards the upside, Bitcoin must break above the current $99,588 high to sustain bullish momentum. Tapping $100k, the next level to consider for buying would be $103,000
Key Resistance Levels: $99,588, $100,000, $103,000
Key Support Levels: $90,791, $85,072, $81,500
- Spot Price: $95,200
- 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.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!