Bitcoin Trading Above $100K Amid Bullish Consolidation Signals
Bitcoin is trading confidently above $100,000, recently reaching a local high near $104,300. Bulls have gained control, leading to renewed momentum in the crypto market.
- BTC is testing key supply levels last seen near its previous all-time high.
- Analyst Big Cheds noted a bullish consolidation pattern on the 4-hour chart, indicating potential continuation.
- Current trading near $104,000 faces critical resistance that could determine the rally's progression towards new highs.
- Macroeconomic conditions pose risks, including inflation concerns and central bank policies that may impact risk assets.
- If BTC breaks above $104K with volume, the next target could be around $109K.
- Immediate support is established at $100K, with potential backing at $95K and $90K zones.
Volume has increased, showing strong demand; however, short-term selling pressure is evident as BTC faces overhead resistance. The bullish trend remains intact as long as Bitcoin consolidates above $100K.
