Bitcoin is moving confidently after a pullback, having reached the $97,000 level, with investors eyeing the psychological $100,000 mark.
Weekly Chart Bullish Outlook
The weekly Bitcoin chart indicates an early stage of a major bull market, with a signal confirmed about two months ago. Historically, such signals can last for months, potentially into 2025. However, even in a long-term bull market, Bitcoin may experience short-term corrections or sideways movements.
Resistance Levels Above $100K
According to analyst Josh of Crypto World, Bitcoin is expected to face significant resistance at the $100K to $102K range. The psychological barrier of $100K will likely add pressure, with traders closely monitoring this level. If Bitcoin breaks through, the next major resistance level could be around $113,000.
Short-Term Pullback and Support Levels
In the short term, Bitcoin is facing resistance around $94,000 to $95,000, with $89,000 being a key support level if a pullback occurs. If Bitcoin breaks through this, further support exists around $87,000, and failure to hold this level could lead to a drop towards $79,000.
Bitcoin's current price action mirrors its behavior in late 2020. While there may be slight corrections or sideways movements, the long-term bullish trend remains intact. A liquidity heat map indicates that breaking the $100,000 level could trigger significant gains, but there are also support levels between $90,000 and $95,000.
