Bitcoin is currently sitting under resistance at $98.3k (Monday High.) Best to keep thigs simple at this level- If we get a strong 4hr close above this level then we can expect a push to $100k.
If $98.3k continues to be an area of resistance, then the next level of interest to watch for a reaction would be $96.6k (Weekly Open.)
Bitcoin has found support at the 4hr demand zone sitting between $96k and $94.8k. So far this morning the global markets look a little healthier than people were expecting, but we still find BTC and crypto in a choppy situation with no clear direction.
Let's see how the Monday Range plays out for now- $98.8k remains the 4hr resistance to break.
Bitcoin is continuing to chop between $96k and $97k. After losing the 4hr support at $96k (Weekly Open,) this was quickly reclaimed yesterday to confirm deviation. If we see any loss of this $96k level today, and resistance starts to develop there, then I expect to see $93k-$94k which would be a retest of the support trendline and Yearly Open.
BTC needs a strong 4hr close above $98k to give any confidence that we are heading to $100k+ again in the short term.
Bitcoin is continuing to see decreasing volume. After a strong rejection from $100k BTC is now struggling around to hold $96k (Prev Week Low) as support.
This has been respected as support multiple times this week, and if this is lost we could be looking at $93-$94k soon. Altcoins are still suffering, some of them back at bear market levels! Any trades taken right now should be taken with extra caution.
The price action for Bitcoin is still choppy and without clear indication of the next move. The next likely sign will be a 4hr break from this falling wedge pattern.
A strong 4hr close above $97.8k and this can start the move towards the $102k level (Monthly Open.) If we break down from this pattern then I expect a retest of $93.5k (Yearly Open.)
According to JP Morgan, Ethereum is underperforming due to growing competition from Solana and other Layer 2 blockchains offering lower fees and better scalability:
🟠ETH market capitalization is at a four-year low
🟠Ethereum is likely to continue underperforming due to intense competition and may lose its leading position in DeFi and asset tokenization
🟠The blockchain’s survival may depend on increasing institutional demand