Bitcoin's price action continues to consolidate, showing potential for a bullish breakout. Technical indicators highlight a hidden bullish divergence that could lead to a price increase.
Key Support and Resistance Levels
Crypto analyst JavonMarks noted Bitcoin's confirmed hidden bullish divergence pattern. Historically, this pattern often leads to significant price increases. The current target is $116,652, a 20% rise, and a breakthrough of this level might see Bitcoin climbing to $165,745.
Momentum and Trend Analysis
Bitcoin's price has been trending upwards since mid-2024, with recent sideways movement. Stochastic RSI indicates oversold levels, suggesting a potential bullish reversal. The Directional Movement Index shows conflicting signals, but diminishing selling pressure may point to a trend change.
Future Price Action and Market Outlook
If supported at $91,758, an upward break toward $109,357 is near. Support at $100,000 could propel the coin toward $116,652. Analysts believe breaking this level may set the stage for a $165,745 target. A significant correction below $91,758 might negate bullish patterns.
Bitcoin remains poised for potential growth, with traders and analysts closely monitoring key support and resistance levels to determine future price action.
