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Market Update Bitcoin continued its strong upward momentum yesterday, breaking through the $97.5k resistance on the 4-hour chart. However, it faced resistance just above the $100k level, where it has been unable to push past so far. The $97.5k level remains a key zone to watch for any potential retest. If this area holds as support, BTC could aim for a move towards the $103k mark in the near term.
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In 50 minute we'll get the CPI print
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Market Update: Bitcoin is following the levels outlined from yesterday's analysis. After closing above $95.8k (Monday High and 4-hour EMA200), this level has flipped into support and has been successfully retested. The orange zone is acting as resistance, with each 4-hour candle facing rejection near $97.5k. Key Levels to Watch: Support at $95.8k Resistance at $97.5k With the CPI data release today, expect heightened volatility. Keep an eye on any tests of $95.8k or a clean 4-hour close above $97.5k, as this will likely determine the next move in the market. #CPI_DATA
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Market Update: Bitcoin recently swept liquidity below $90k, triggering a strong reversal, marking its most substantial recovery in recent weeks. To confirm the bullish momentum, a 4-hour close above $95.8k (Monday's high and 4-hour EMA200) is crucial. The next major resistance to watch is at $97.5k (highlighted by the orange line), which has acted as a significant support/resistance zone in recent weeks. Currently, Bitcoin's trading range for the week is between $88.9k and $95.8k. Tracking price action at these levels will provide insight into the potential for further upside.
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Market Update As noted yesterday, the $96k level (4-hour EMA200) was expected to act as resistance for Bitcoin, and we saw a strong rejection exactly at that price point. With BTC now trading below $94.5k (the weekly open), the potential for a pullback to the $90k range remains on the table. The key focus now will be on how the market behaves within the Monday range to determine the next move.
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