Bitcoin Nears Key Resistance in Rising Channel
Updated
Bitcoin (BTC/USDT) is currently trading at $98,454, consolidating within a well-defined ascending channel. After a strong rally, BTC has tested the upper boundary of the channel but faced resistance, leading to a slight retracement.
Key Technical Highlights:
Support Zone: The lower boundary of the channel, around $96,000-$96,200, continues to provide robust support, as marked by multiple rebounds.
Resistance Zone: The upper boundary near $100,000 acts as the immediate resistance. A breakout above this level could pave the way for further gains, potentially targeting $102,000 and beyond.
Possible Scenarios:
Bullish Breakout: If Bitcoin breaks above the $100,000 resistance, it could trigger a fresh wave of buying, propelling the price toward the upper levels of the channel.
Pullback: A failure to break the resistance may lead to a pullback toward the $96,000-$96,200 support zone, offering potential re-entry points for buyers.
Key Technical Highlights:
Support Zone: The lower boundary of the channel, around $96,000-$96,200, continues to provide robust support, as marked by multiple rebounds.
Resistance Zone: The upper boundary near $100,000 acts as the immediate resistance. A breakout above this level could pave the way for further gains, potentially targeting $102,000 and beyond.
Possible Scenarios:
Bullish Breakout: If Bitcoin breaks above the $100,000 resistance, it could trigger a fresh wave of buying, propelling the price toward the upper levels of the channel.
Pullback: A failure to break the resistance may lead to a pullback toward the $96,000-$96,200 support zone, offering potential re-entry points for buyers.
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