According to an analysis published by CryptoPotato, #Bitcoin recorded seven consecutive weeks of increases, and after a strong rebound from areas below $80,000, the price is currently facing significant resistance between $93,000 and $95,000.
The analysis indicates that breaking and stabilizing the price above 95,000 could open the way towards $100,000 and perhaps higher, especially after the reduction of liquidation pressure on buying positions and the beginning of forming a more stable bullish momentum.
What supports this scenario?
According to the report:
- Breaking the previous downward structure
- A clear support formed near $87,000
- Calm in the derivatives market after a large liquidation
- Improved market sentiment with continued positive weekly closures
As long as the price maintains support, control remains in the hands of the buyers, but failure to break resistance may bring us back to a temporary sideways movement.
It means:
What the report writer wants to say is that reaching $100,000 for Bitcoin has become a possible scenario (technically), but it directly depends on breaking the current resistance and stabilizing above it. The market has given signals of strength, but the final decision is always at the price.
Source:
https://cryptopotato.com/btc-price-analysis-is-100k-imminent-for-bitcoin-after-7-weekly-increase/