Bitcoin Technical Analysis: Bulls Eye $100K as Resistance Weakens

Bitcoin Edges Closer to $100K: A Pivotal Moment

Bitcoin, currently priced at $98,309, boasts a market capitalization of $1.94 trillion and a 24-hour trading volume of $19.92 billion. With an intraday range of $97,292 to $98,626, Bitcoin’s trajectory teeters on the edge of a major milestone.

Short-Term Analysis (1-Hour Chart)

On the 1-hour chart, Bitcoin is testing the $98,000 resistance level following a rebound from $97,277. Bullish candles suggest upward momentum; however, diminished trading volume tempers expectations for a decisive breakout. Traders remain cautious, observing whether this resistance holds firm or capitulates, potentially redirecting Bitcoin toward the $97,000 support zone. While the immediate trend leans bullish, hesitation near critical thresholds keeps market participants vigilant.

Mid-Term Analysis (4-Hour Chart)

Zooming out to the 4-hour timeframe, Bitcoin demonstrates a pattern of consistent higher lows, reinforcing a short-term bullish sentiment. A significant resistance point at $98,951 continues to cap upward movement. Variability in trading volume complicates predictions; a sustained breakout above $98,951 could propel Bitcoin closer to the psychological $100,000 level. Conversely, if this resistance proves resilient, a fallback to the $96,000–$95,000 support zone is plausible.

Long-Term Analysis (Daily Chart)

The daily chart reveals a broader bullish structure, with Bitcoin recovering from a recent low of $91,315. Price activity reflects an active effort to overcome the $98,000–$100,000 resistance corridor. A breakthrough here could spark substantial upward momentum, provided trading volumes increase. However, waning activity signals a potential consolidation phase. If resistance remains intact, a pullback to the $95,000–$92,000 range could be on the horizon.

Key Technical Indicators

• Relative Strength Index (RSI): Neutral at 55

• Stochastic Oscillator: Bullish at 81

• Commodity Channel Index (CCI): Neutral at 34

• Average Directional Index (ADX): Weak trend at 20

• Momentum Oscillator: Bullish inclination

• MACD: Positive divergence hints at upward movement

Moving averages support a bullish outlook. The 10-period EMA at $96,688 and the SMA at $95,485 provide immediate support, while the 30-period SMA at $98,229 aligns with short-term resistance. This setup highlights the consolidation zone Bitcoin currently navigates.

Bullish and Bearish Scenarios

Bullish Verdict:
Bitcoin’s consistent higher lows and the possibility of breaking the $98,951 resistance level point to a short-term bullish trend. If trading volumes improve and buyer momentum holds, the coveted $100,000 milestone could soon be within reach. Support from moving averages further strengthens this outlook.

Bearish Verdict:
Despite repeated attempts to breach resistance, low trading volume raises concerns about sustainability. If Bitcoin fails to surpass the $98,951 barrier, a retracement to the $96,000–$95,000 zone becomes increasingly likely. In a bearish scenario, diminished buyer interest could push prices toward deeper support near $92,000.