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Bitcoin stands at a crossroads where a potential slip could test the $90k support. Will buyers drive the rally beyond $100,000 as the market witnesses altcoins reaching new all-time highs?
Despite the broader market seeing top performers like XRP crossing the $2 psychological mark, Bitcoin’s price is stalling near the $96,000 level. While the market anticipates Bitcoin reaching the $100,000 target in December, its price action tells a different story.
Will Bitcoin regain bullish momentum and cross the $100,000 milestone in the coming week? Let’s find out.
Bitcoin Price Analysis
On the 4-hour chart, Bitcoin’s price trend shows a local resistance trendline, which has kept bullish growth in check. This has led to multiple lower-high formations, fueling the ongoing pullback.
However, Bitcoin has managed to maintain dominance above the 100 EMA, forming a support trendline. As a result, Bitcoin’s price action has formed a triangle pattern on the 4-hour chart.
Bitcoin is consolidating between the 50 EMA on the 4-hour chart and the overhead resistance trendline. The MACD and signal lines have formed lower highs, with their current convergence warning of a potential bearish crossover.
However, the MACD and signal lines no longer show signs of bearish divergence at Bitcoin’s price peaks. Thus, a bullish comeback is likely, and the lines may regain their positive alignment.
Bitcoin Derivatives Light Hope in a Volatile Market
Over the last 24 hours, the crypto market has lost $205 million worth of long positions, with total liquidations reaching $370 million. Amid this, Bitcoin short sellers lost $27.24 million, nearly double that of the long traders, who lost $15.78 million.
In support of the upcoming rally, Bitcoin’s open interest is inching closer to $60 billion, with options open interest surpassing $34 billion. Furthermore, Bitcoin and options trading volumes have surged to $55.22 billion and $1.65 billion, respectively. These figures suggest that underlying sentiment for Bitcoin remains bullish.
Bitcoin Price Targets
The rejection from the supply level has dropped Bitcoin’s current market price to $96,277. The dynamic support at the 50 EMA stands at $95,930. A pullback below this support will likely lead to a retest of the local support trendline.
This trendline aligns with the 100 EMA at $93,485. Therefore, Bitcoin’s immediate downside risk is approximately 2.65% in the next 24 hours. Meanwhile, using the prevailing bull run and the ongoing pullback, the trend-based Fibonacci level indicates strong support at $90,742.
Additionally, the Fibonacci levels suggest immediate price resistance at $98,378, with a price target of $103,102.