Bitcoin's price is consolidating below the $100K milestone as investors are still waiting to witness a six-figure BTC price.
Daily Chart Analysis
The daily chart shows Bitcoin has been breaking through several resistance levels over the past weeks, aiming towards the $100K mark. However, the price has yet to reach this level, with the market moving sideways. With the $90K support level intact, investors might hope for a bullish breakout and rally above the $100K mark. Yet, if the $90K level breaks downwards, a significant pullback towards the $80K area could be expected.
4-Hour Chart Analysis
The 4-hour chart illustrates recent BTC price action as the market consolidates inside a symmetrical triangle pattern. These patterns can signal either continuation or reversal, depending on the breakout. Therefore, if the market breaks above the triangle, a bullish continuation toward and above the $100K mark is likely.
Netflow Analysis
The exchange netflow metric can be used to analyze Bitcoin accumulation and distribution in the spot market. It measures the net deposits and withdrawals of Bitcoin into and from centralized exchanges. Positive values show distribution, while negative numbers indicate accumulation. Recently, substantial negative netflows have been witnessed, as investors are rapidly accumulating BTC in hopes of a rally above $100K. If the derivatives market does not pose an obstacle, spot market demand is likely to drive the price higher in the coming months.
While Bitcoin has yet to reach the $100K level, analysts continue to monitor current support levels and pricing chart formations to determine possible future movements.
