Despite increased price fluctuations near the $100,000 mark, #Bitcoin maintains an overall optimistic trend. Currently, Bitcoin is trading at $100,053, just shy of the $2 trillion market cap.
Technical setups indicate underlying bullish sentiment, suggesting a potential breakout rally.
Bitcoin Price Analysis
On the 4-hour chart, Bitcoin’s price trend shows a bullish breakout from a triangle pattern. However, the rally failed to surpass the critical local resistance at $101,642.
The supply zone now serves as the neckline of a bullish setup. Bitcoin’s price action is forming an inverted head-and-shoulder pattern and is currently in the process of forming the right shoulder.
The minor pullback during the formation of the right shoulder is seen as a retest of the previously broken resistance trendline. With the bullish setup and the post-retest reversal potential, the sentiment remains optimistic.
This minor pullback has led to a convergence of the MACD and signal line, warning of a potential bearish crossover. However, key dynamic support levels, such as the 20 EMA on the 4-hour chart, are observing a surge in supply.
