The post Is Bitcoin About to Explode Above $100K Soon? (BTC Price Analysis) appeared on BitcoinEthereumNews.com.

Bitcoin has continued to receive substantial support around the $90K level, sparking a slight recovery. However, the prevailing bullish momentum appears insufficient to trigger a fresh rally toward a new all-time high, suggesting the likelihood of consolidation within this area in the short term. Technical Analysis By Shayan The Daily Chart After a period of decline, Bitcoin has found strong support at the critical $90K region, highlighting the presence of buyers at this level. This support aligns with the middle threshold of its multi-year ascending channel, reinforcing its significance. Despite a slight increase in buying pressure resulting in a minor bullish rebound, the current momentum remains subdued, suggesting a continuation of the consolidation near this support zone. For Bitcoin to initiate a new rally and aim for a new all-time high, the market must witness heightened demand and stronger bullish momentum. Source: TradingView The 4-Hour Chart On the 4-hour chart, the $90K support level emerges as a pivotal defence zone, as evidenced by its role in halting the downward pressure over recent months. The price action has recently formed an inverted head and shoulders pattern near this level, accompanied by an accumulation phase, signalling a potential bullish resurgence. However, increased market demand and buying activity are necessary for BTC to break out and target the significant $108K resistance. Until then, the cryptocurrency will likely consolidate within the $90K region, awaiting a more evident directional move. Source: TradingView On-chain Analysis By Shayan American investors, particularly U.S. institutions, play a significant role in driving market movements. Consequently, analyzing their behaviour can provide valuable insights for predicting short-term market trends. The Bitcoin Coinbase Premium Index is a critical metric that compares buying and selling pressure on Coinbase, a U.S.-centric exchange, against Binance. The chart reveals that the Coinbase Premium Index has recently seen…

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Filed under: News - @ January 5, 2025 12:20 pm