Bitcoin Technical Analysis: BTC Faces Towering $100K Sell Wall, Market Awaits Next Move – Markets and Prices Bitcoin News
Bitcoin, trading at $98,772, is riding a bullish wave, but traders should stay sharp as critical resistance looms near $100,000. The market’s behavior hints at a mix of sideways moves and the potential for exciting breakouts.
Bitcoin
On the 1-hour chart, bitcoin recently climbed to a local peak of $99,250 before pulling back. The retreat, coupled with lighter trading volumes, signals uncertainty. The relative strength index (RSI) sits at 67, indicating neutrality, while the momentum oscillator flashes a bullish signal. Support is anchored at $96,000, and a push above $99,250, backed by heavy volume, could spark renewed positive activity.
Zooming out to the 4-hour chart, a bullish pattern with higher highs and lows reveals steady demand. The Stochastic oscillator stands at 78, while the average directional index (ADX) remains neutral. Support levels at $93,600 and $96,000 are key points to watch, with resistance holding firm at $99,250.
On the daily timeframe on Bitstamp today, bitcoin’s climb from November’s low of $66,798 reflects a persistent uptrend. However, thinning volume as prices near $100,000 suggests some traders are cashing out, tempering upward momentum. Both simple and exponential moving averages (SMA and EMA) across all periods support a buy narrative, reinforcing the trend’s strength.
Technical indicators generally lean bullish. The commodity channel index (CCI) at 103 and the awesome oscillator at 8,487 show neutrality, while the moving average convergence divergence (MACD) level suggests a sell, hinting at potential short-term divergence. SMAs and EMAs remain steadfastly positive, with the 10-day EMA at $96,674 and the 200-day SMA at $67,673 providing long-term support. This alignment points to market strength, even with minor hesitations.
Bitcoin’s trajectory highlights its strong upward trend, bolstered by positive technical signals. Still, the psychological barrier of $100,000 could challenge trader sentiment, prompting profit-taking. Short-term traders should keep a close eye on volume and price movements around $99,250, while swing traders may find safer opportunities at $93,600 or $85,000. Tight stop-loss strategies below critical levels will be vital as bitcoin navigates its next potential breakout.
The coming trading sessions will reveal if bitcoin has the momentum to decisively break past $100,000 and sustain its bullish streak. The $100,000 mark looms as a significant hurdle, with hefty resistance visible in order books and recent price action. This psychological milestone has often been a favored profit-taking spot for short-term traders and long-term investors alike, many of whom see it as an ideal moment to cash out.
Bull Verdict:
Bitcoin remains firmly in a bullish trend, supported by strong moving averages and a consistent uptrend across all timeframes. If volume strengthens and the price breaches $99,250, the market could quickly test and possibly exceed the psychological $100,000 level, setting the stage for further upside momentum.
Bear Verdict:
Despite its bullish structure, bitcoin faces significant resistance near $100,000, and declining volume hints at potential exhaustion. A failure to sustain above $96,000 or a break below $93,600 could trigger a correction, with downside targets near $85,000 or lower. Caution is warranted as market sentiment may shift.
