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Bitcoin’s breakout from a bearish parallel channel initiated a significant bullish swing, propelling its price to a new all-time high of $99,800. However, BTC fell short of the anticipated $100,000 milestone. Following this impulsive surge, a corrective phase has ensued.
Despite the pullback, the major swing low at $85,000 remains affecting the validity of the broader uptrend. Analysts anticipate that the next impulsive phase will surpass the $100,000 resistance level, potentially targeting higher milestones.
BTC Key Level
Demand Levels: $93,943.0, $73,794.0, $70,016.0
Supply Levels: $100,000.0, $120,000.0, $150,000.0
What Are the Indicators Saying?
Moving Averages
Bitcoin’s price dip below the 9-period Moving Average signals a pullback within the ongoing trend. However, its position above the 21-period Moving Average confirms the uptrend remains intact.
Momentum Analysis
Following the breakout and subsequent retest of the bearish parallel channel, Bitcoin witnessed a sharp surge in buyer momentum. This significant bullish drive propelled the price to its all-time high of $99,800, marking a pivotal moment in the ongoing uptrend. However, since reaching this peak, the Momentum Indicator has consistently reflected a decline in strength, signaling that the market has transitioned into a correction phase.
This corrective pullback offers a potential window for strategic short-term accumulation, especially near critical demand zones. These zones may act as support levels where buying pressure could rebuild. Should buyer momentum recover and shift upward once again, it could ignite a fresh impulsive move. Such a resurgence is expected to not only reclaim the all-time high but also break past the psychological $100,000 level, opening the door to even higher price targets.
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