Bitcoin Bull Run at Risk If Price Falls Below $98,000
Ostium Labs maintains that Bitcoin's upward trend is intact, highlighting a critical price level at $98,000. If Bitcoin closes below this level, it would indicate a bearish weekly structure. Currently, BTC is priced around $108,017 after closing August near previous support levels.
Key Price Levels
- No signs of a cyclical top similar to 2021 on the monthly chart.
- The bear case strengthens if September closes below $93.3k.
- A bullish scenario requires support above $105k and ideally a close above $115k.
The weekly structure shows no exhaustion, supporting trend continuation. A reclaim of momentum could lead to a potential retest of $117.5k by month-end. Key resistance remains at $112k, with a breakout indicating a bottom formation.
- A failed probe above $112k may push prices down to $104.5k.
- Liquidation heatmaps indicate significant levels above $114k and clustered support below $120k.
Ostium suggests tactical setups based on macroeconomic indicators coming up this week, including jobless claims and Nonfarm Payrolls. Long positions should look for support exhaustion, while short positions may focus on early-week resistance at $112k.
DXY Impact on Bitcoin
The dollar index (DXY) is expected to remain a tailwind for Bitcoin, potentially breaking below 96. A decisive monthly reclaim of 100 would invalidate the bearish outlook for DXY. For Bitcoin, maintaining above $105,000 and a reclaim of $112,000 are crucial for setting new highs in October.
As of now, BTC trades at $110,610.
