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Bitcoin risks weeks of sideways moves amid $102K ‘rejection’ warning

Bitcoin may face rejection at $102,000 even if it reclaims $100,000, according to new analysis. In a Jan. 16 X post, Stockmoney Lizards predicted weeks of rangebound trading for BTC/USD.

$102,000: A critical resistance for BTC

Bitcoin rebounded from two-month lows this week, but Stockmoney Lizards highlighted $102,000 as a key resistance. Analyzing short-term price action, it noted BTC is entering a resistance zone, with $91,000–$92,000 acting as high-volume support.

The analysis concluded, “A rejection from here is likely; we expect BTC to trade within the $90,000–$100,000 range for the next few weeks.” At the time of writing, BTC/USD hovered around $99,000, supported by positive U.S. inflation data.

Other traders, such as BigMike7335, echoed the $102,000 challenge, emphasizing the need for BTC to flip this level into support to escape bearish risks.

Optimism from traders defies bearish patterns

Some analysts offered a more bullish perspective, dismissing fears of a head-and-shoulders top reversal on the daily chart. Trader Bluntz noted the pattern’s invalidation, while Tony “The Bull” Severino questioned its relevance.

“How many failed right shoulders are needed to prove this isn’t a head and shoulders top?” Severino asked.