Despite Bitcoin's retreat from $100K, there remains a possibility for bullish continuation.
The Daily Chart
On the daily chart, Bitcoin fell below the $100K level last week and has failed to reclaim it. The $90K support zone has held strong, preventing further declines. However, if $100K is not broken again, deeper continuation towards $90K and $80K might occur in the coming weeks.
The 4-Hour Chart
In the 4-hour timeframe, Bitcoin has broken below an ascending channel pattern, which could signal a reversal. The lower boundary of the channel and the $100K resistance level have been tested twice, leading to a downward push. The price could fall towards $90K or lower in the short term.
On-Chain Analysis
For a comprehensive understanding of the Bitcoin network dynamics, it is useful to analyze on-chain metrics. The long-term holder SOPR metric, which indicates profit realization levels, is currently high but not at the peaks seen during consolidations below $70K. This suggests that long-term holders' selling pressure remains insufficient to overpower the market, potentially allowing the price to rally in the coming weeks.
Despite current setbacks, the analysis suggests potential for Bitcoin's growth if it can surpass the $100K level again.
