$BTC
A closer look at the weekly chart shows the recent consolidation found support around the 2021 high, with a bullish divergence forming between late November and mid-December. The 36% sell-off from the record high also failed to test the April low, leaving a clear higher low in its wake. In hindsight, there were growing signs that bearish momentum was beginning to fade.
The 100k level stands out as an obvious psychological target. However, given Bitcoin’s tendency to run further and faster than most expect, it appears conservative following the multi-week consolidation carved out near cycle lows.
A sustained break above 100k could open the door towards 110k, close to the 112.55k high-volume node (HVN) formed during the sell-off from the record high.