Bitcoin Forms Rounding Bottom as Analysts Predict Move Towards $100K

Bitcoin is currently trading in a consolidation phase, remaining below key supply levels but above crucial demand zones. This indecisive market sentiment has led to divided opinions, with many analysts anticipating a bullish trend and potential for significant price movement.

Key Points

Bitcoin is forming a 4-hour rounding bottom pattern, indicating bullish potential.
A new higher high was established recently, suggesting upward momentum.
Current price is around $97,700, just under the $100K mark.
Critical resistance levels are at $98K and $100K; breaking these could lead to a strong rally.
Maintaining above $94K is essential to avoid deeper corrections into lower demand zones.

The upcoming days will be pivotal for Bitcoin's direction as traders monitor the consolidation closely for signs of a breakout or retracement.