Bitcoin's breakthrough at $100,000 is hindered, and the pullback is building momentum for a higher breakthrough!!
Bitcoin once touched $99,588, close to the $100,000 mark, but failed to break through, and the market has entered a consolidation phase with a tug-of-war between bulls and bears.
Technical Analysis:
Bitcoin's current price is approximately $98,194, maintaining a bullish trend. The daily chart shows the price remains above the EMA7, indicating upward potential.
The 4-hour chart shows the MACD is close to the zero line, and the RSI appears slightly overbought, requiring caution in the short term.
Selling Pressure and Pullback:
In the range of $99,300 to $100,000, Bitcoin faces strong selling pressure, with significant volatility around this psychological price level.
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Despite the short-term pullback, the long-term bullish sentiment remains unchanged.
Long-term Outlook:
Analysts expect Bitcoin to peak within 8-11 months, possibly reaching new highs by 2025, with potential to break through $100,000 and even $120,000 in the future.
Pullback as an Opportunity:
Market pullbacks provide good buying opportunities for investors. Adjustments in a bull market often lay the groundwork for upward movements, allowing investors to increase their positions during pullbacks.
Summary:
Although Bitcoin has not broken through $100,000, market sentiment remains positive. With increased institutional investment, Bitcoin's long-term upward potential is still intact, and investors should focus on the long-term trend and seize opportunities amidst volatility.
