Bitcoin: Gearing Up to Break Key Resistance
$BTC — 96,164.01 (+1.34%)
Bitcoin has been grinding just below a major resistance zone between 95,400–95,800, an area that has historically triggered multiple rejections. Sellers are clearly defending this level. Still, the broader market structure remains bullish — price is holding above a higher-timeframe ascending trendline and continuing to print higher lows.
Consolidation Under Pressure
What we’re seeing now is a tight consolidation right under resistance, but short-term bullish momentum appears to be fading. Multiple wicks have tapped the highs, yet we haven’t seen a strong candle close above them. On the other hand, support in the 93,000–93,800 range has consistently absorbed liquidity and launched moves upward. This area aligns perfectly with the ascending trendline, making it a prime spot for a potential liquidity sweep.
Bullish and Bearish Scenarios to Watch
In the immediate term, I’m watching for a pullback into the green support zone. This would serve two purposes:
1. Flush out late long entries.
2. Reload liquidity for a stronger bullish move.
As long as the trendline holds, even a dip below the local higher low won’t invalidate the bullish structure. If we see higher lows forming again from this level, an impulsive breakout above 95,800 becomes highly probable. That’s a key inflection point — a clean break above it would likely trigger stop orders and fuel breakout momentum.
However, if Bitcoin fails to hold the support zone and the trendline, the short-term bullish structure would be broken. This increases the likelihood of a deeper retracement, temporarily shelving the breakout thesis.
Price Target: 105K in Sight?
If resistance at 95,800 gives way, I’m eyeing 105,000 as the next logical target. That level fits within the broader macro trend and would confirm continuation from the ascending structure backed by higher-timeframe bullish sentiment.
What I’m Watching For
I’m not chasing price into resistance. Instead, I’m looking for a pullback into 93,000–93,800 to see if that area acts as a springboard again. The key is in the reaction:
• Does support hold?
• Do higher lows form?
• Is there strong buyer momentum on the bounce?
If those boxes are checked, I’ll be looking to go long into strength, targeting a breakout toward new highs.
Conclusion
Bitcoin looks primed for a short-term dip to rebalance liquidity before it can take another serious shot at breaking the long-standing resistance. As long as the ascending trendline remains intact, the bullish thesis holds. A well-timed entry after a sweep of local lows could offer a strong risk-reward setup targeting the 105K region.