#BTC appears to be setting up for a potential Cup and Handle formation, a classic bullish pattern that could propel the price past the much-anticipated 100K mark.
The formation is incomplete but nearing a critical stage; a breakout above the handle’s neckline zone would confirm the pattern. Both short-term and ultimate targets are highlighted on the chart for guidance.
However, caution is advised as rising selling pressure could hinder this setup. Be prepared to manage risk effectively in case the pattern fails to materialize.
Bitcoin finds itself at a critical juncture, hovering just below the monumental $100,000 mark. Last week, BTC made multiple attempts to break this psychological level but ultimately fell short, reaching a high of $99,800. This resistance is largely attributed to heavy sell block orders on major centralized exchanges (CEX).
Key Observations:
Bullish Outlook: If
successfully breaks above $100,000, we could see a strong upward trend, potentially targeting the $140,000 zone as a ripple effect.
Bearish Outlook: However, failure to breach this level may lead to a pullback to the $90,000 support range, where buyers could re-enter the market.
