Bitcoin traded in a range from $96,869 to $97,057 over the last hour, maintaining a narrow range near recent highs. With an intraday range over 24 hours from $95,925 to $97,341, the leading cryptocurrency has a market capitalization of $1.92 trillion and a 24-hour trading volume of $27.81 billion, indicating ongoing investor interest.
The daily chart for BTC/USD reflects a strong bullish breakout from the previous consolidation zone of $74,000 to $84,000. This breakout, accompanied by a spike to $97,470, is reinforced by increased buying volume, indicating solid market support. The price action shows a potential continuation pattern, possibly an ascending triangle, which preceded the breakout. Current support is around $88,000, with immediate resistance near $97,500. Technicians argue that a pullback into the $90,000–$92,000 range may provide an opportunity for a less risky long position, with a short-term target at $97,500 and a medium-term target at $100,000.
On the 4-hour chart for BTC/USD, the trend remains bullish, supported by a sequence of higher highs and lows. The micro support zone at $94,000–$95,000, which was previously resistance, has now become support. Volume spikes on upward moves combined with quieter pullbacks represent a constructive pattern. A small 'cup and handle' formation before the move to $97,470 further supports the bullish outlook. A retest of the $95,000 zone, if accompanied by low selling volume, offers a potential entry with targets around $97,500 or higher if momentum holds.
Bull verdict:
The technical landscape for Bitcoin remains decidedly bullish. With consistent buy signals across all major moving averages, a strong breakout on the daily chart, and sustained volume patterns, the path to the psychological level of $100,000 looks well-supported — provided the price can confidently overcome resistance at $97,500.
Bear verdict:
Despite the bullish setup, Bitcoin faces critical resistance at $97,500 and mixed oscillator signals hinting at possible exhaustion. Failure to break above this level, especially with declining volume, could trigger a reversal towards the support zone of $94,000–$92,000, subjecting the market to a deeper corrective phase.