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After retesting the levels below $95k, Bitcoin has now hit reverse and is trading close to the $97k level at the time of writing. Despite erasing the gains made in the past seven days, BTC bulls are now eyeing the $100k crucial level.
Weekly Chart Bullish Outlook
The weekly Bitcoin chart shows that we are still in the early stages of a major bull market, with a signal confirmed about two months ago. Historically, such signals can last for months, potentially into 2025. However, even in a long-term bull market, Bitcoin may experience short-term corrections or sideways movements.
Resistance Levels Above $100K
According to analyst Josh of Crypto World, Bitcoin is expected to face significant resistance at the $100K to $102K range. The psychological barrier of $100K will likely add pressure, with traders closely monitoring this level. If Bitcoin breaks through, the next major resistance level could be around $113,000.
Short-Term Pullback and Support Levels
In the short term, Bitcoin is facing resistance around $94,000 to $95,000, with $89,000 being a key support level if a pullback occurs. If Bitcoin breaks through this, further support exists around $87,000, and failure to hold this level could lead to a drop towards $79,000.
Comparison to 2020 Price Action
Bitcoin’s current price movement mirrors its behavior in late 2020. Back then, the market entered a bullish phase, but temporary pullbacks and sideways consolidation were observed. Currently, Bitcoin is in a similar phase, suggesting that while we may see some choppy movements or slight corrections, the long-term bullish trend remains intact.
Liquidity Heat Map and Potential Moves
A Bitcoin liquidation heat map reveals a major liquidity zone around $100,000. If Bitcoin breaks this level, it could trigger a sharp upward move. However, there is also some liquidity to the downside between $90,000 and $95,000, which could act as support if the price dips.