After recently testing levels below $95,000, Bitcoin has bounced back and is trading around $97,000 at the time of writing. Despite losing the gains achieved over the past week, bulls are now targeting the critical $100,000 level.

Weekly Chart Indicates Bullish Trend

The weekly Bitcoin chart still shows the early stages of a significant bull market, with a signal confirmed about two months ago. Historically, such signals tend to last for months, potentially extending into 2025. However, even during a long-term bullish market, short-term corrections or sideways movements are possible.

Key Resistance Levels Above $100,000

According to Josh from Crypto World, Bitcoin is expected to face substantial resistance in the $100,000 to $102,000 range. The $100,000 mark acts as a strong psychological barrier, which could create additional pressure. If Bitcoin manages to break through, the next major resistance level could be around $113,000.

Support Levels and Short-Term Pullbacks

In the short term, Bitcoin is encountering resistance between $94,000 and $95,000. If a pullback occurs, the primary support level lies at $89,000. Further support can be found around $87,000, but failure to hold this level could lead to a drop as low as $79,000.

Historical Parallels with 2020

The current price movement of Bitcoin mirrors its behavior at the end of 2020, when the market entered a bullish phase. However, temporary declines and periods of consolidation were also observed back then. A similar phase is unfolding now, suggesting that while some volatility and minor corrections may occur, the long-term bullish trend remains intact.

Liquidity Heatmap and Potential Movements

Bitcoin's liquidity heatmap highlights a significant liquidity zone around $100,000. Breaking this level could trigger a sharp upward move. On the downside, liquidity zones between $90,000 and $95,000 may act as support if the price drops.

Bitcoin is at a critical crossroads. Its movement in the coming days will determine whether it breaks through the psychological $100,000 barrier or faces further tests of its support levels.

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