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BTC has broken above its ascending triangle following 9 days of price consolidation. Is a bull run to $100k on the horizon?
Bitcoin is signaling strength and could be eyeing a bull run towards the $100k key psychological zone. BTC is trading at around $95,994 as of press time, per CoinMarketCap data. In the past 24 hours, Bitcoin’s trading volume has surged 33.83% percent signalling increased market participation amid a breakout.
Looking at the 4-hour chart, the king of cryptocurrencies has broken above an ascending triangle pattern formation around the $95,650 key resistance level with strong bullish candles. The short-term, mid-term, and long-term moving averages signal a “strong buy” with the Relative Strength Index (RSI) standing at 69. This suggests more buying potential.
With a +4.71% open interest, Bitcoin’s rising demand could fuel a rally towards the psychological $100k soon. The long-short ratio stands at 1.0404 per Coinglass data, suggesting that some bearish pressure exists.
According to crypto analyst CaptainFaibik on X (formerly Twitter), if the breakout momentum holds, BTC could be eyeing the $98,000 zone as the next target. Traders are closely monitoring the buying pressure above the breakout zone for further insights.
[…] reveal a shift in market sentiment as Bitcoin approaches the psychological $100k Mark. Bitcoin is rallying towards $98,000, where short-term resistance exists before moving to $100k and above. According to […]