Bitcoin (BTC) Technical Analysis
Yesterday, on Monday the 2nd, the price of Bitcoin fell by 1.43%. Although it briefly broke through $98,000, it faced resistance from the rising parallel channel on the monthly chart, hindering upward momentum, with the bottom price hovering around $94,400. Short-term moving averages provided support, helping the price maintain its level.
Bitcoin has been steadily rising, reportedly nearing $100,000. However, it is currently consolidating around $98,000, with a strong resistance line at the monthly level overlapping. As signs of lower highs are forming, it may be necessary to prepare for a potential temporary decline.
On the 4-hour chart, the horizontal line near the previous low of $95,000 is expected to play a crucial support role.
Regarding short-term trading strategies, if bulls push the price higher, it is very likely to break through the strong resistance line at the monthly level, potentially reaching $100,000 before the end of the year. Conversely, if bears push the price down to around $92,000, a complete double top (bearish signal) might form on the daily chart. In this case, it suggests the possibility of entering a long-term weekly level adjustment phase, delaying the timeline to reach $100,000.
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