After last week’s close, the bitcoin price action appeared quite bearish; however, the bulls successfully upheld the bullish structure near the $90,000 level, leading to a push up to the $98,000 resistance. The price pulled back from that point and concluded the week at $93,638. Anticipate the bulls making another attempt at the $98,000 resistance level this week, with aspirations to reach the upper boundary of this resistance zone at $103,500, provided they can maintain price action above $98,000. At the beginning of the week, the $91,400 support level could face scrutiny and needs to remain intact for the bulls to sustain their momentum. The bulls have finally gained some ground, gradually breaking through overhead resistance. The bulls are aiming to reclaim the $94,000 level as short-term support in the coming week. If they can maintain their momentum, they will once again test the $98,000 resistance and aim to reach the upper boundary of this zone at $103,500. Concluding trading sessions at the upper boundary of this range is expected to pave the way for a surge towards the next significant resistance area, which lies between $106,000 and $109,000. This zone is expected to act as a formidable resistance level; however, $116,000 is positioned just beyond this range at the 0.786 Fibonacci retracement, contingent on the bulls maintaining their momentum.
Bulls are expected to defend the $91,400 level vigorously, as a breach of this threshold could empower bears to drive the price down further. $87,000 is expected to serve as a barrier for price action, potentially leading to a significant test of the $84,000 support level. Breaking through the $84,000 support level sets the stage for a potential test in the low $70,000 range. Bulls are poised to leverage their recent determination as they move into this week. Watch for a potential retest of $98,000 if they can successfully reclaim $94,000 early this week. However, a more bearish test of the $91,400 support is possible here as well. As long as bulls can hold this level, the bullish bias remains, and re-challenging $98,000 is in the cards. Ending the day above $98,000 is expected to push the price towards $103,500. Market mood: Slightly Bullish – The bulls have demonstrated some resilience by successfully defending the $90,000 area last week. The price action appears to be favoring them as we approach this week. The bulls have maintained their momentum throughout the past week; however, they are now approaching significant resistance zones. If bulls can push even higher, above $100,000, they will begin to enter a zone where a significant price reversal could occur. $103,500 to $109,000 is likely to present significant resistance, and it wouldn’t be unexpected to witness a strong rejection from this range in the weeks ahead. Maintaining support from that level will be crucial in assessing whether this rally can continue its ascent to new highs or if it will ultimately succumb to new lows beneath $80,000. After last week’s close, the bitcoin price action appeared quite bearish. However, the bulls successfully upheld the bullish structure near the $90,000 level, leading to a push up to the $98,000 resistance. The price pulled back from that point, concluding the week at $93,638.
Anticipate the bulls making another attempt at the $98,000 resistance level this week, with aspirations to reach the upper boundary of this resistance zone at $103,500, provided they can maintain price action above $98,000. At the beginning of the week, the $91,400 support level could face scrutiny and needs to remain intact for the bulls to maintain their momentum. The bulls have finally gained some ground, gradually breaking through overhead resistance. The bulls are aiming to reclaim the $94,000 level as short-term support in the coming week. If they maintain their momentum, they will once again confront the $98,000 resistance and aim to reach the upper boundary of this zone at $103,500. Concluding trading sessions at the upper boundary of this range is expected to pave the way for an ascent towards the next significant resistance area, positioned between $106,000 and $109,000. This zone is expected to act as significant resistance; however, $116,000 is positioned just outside this range at the 0.786 Fibonacci retracement, contingent on the bulls maintaining their momentum. Bulls are expected to defend the $91,400 level with determination, as a breach of this threshold could empower bears to drive the price down further. $87,000 appears to serve as a barrier for price action, potentially leading to a significant test of the $84,000 support level. Breaking the $84,000 support level paves the way for a potential test in the low $70,000 range. Bulls are poised to leverage their recent determination as they move into this week. Watch for a potential retest of $98,000 if they successfully reclaim $94,000 early this week.
However, a more bearish test of the $91,400 support is possible here as well. As long as bulls can hold this level, the bullish bias remains, and re-challenging $98,000 is in the cards. Ending the day above $98,000 is expected to propel the price towards $103,500. Market mood: Slightly Bullish – The bulls have demonstrated some resilience, successfully defending the $90,000 area last week. The price action appears to be favoring them as we approach this week. The bulls have maintained their momentum throughout the past week; however, they are now approaching significant resistance levels. If bulls can push even higher, above $100,000, they will begin to enter a zone where a significant price reversal could occur. $103,500 to $109,000 is likely to present a significant challenge, and it wouldn’t be unexpected to witness a strong rejection from this range in the weeks ahead. Maintaining support from that level will be crucial in assessing whether this rally can continue its ascent to new highs or if it will ultimately succumb to new lows beneath $80,000.