Bitcoin’s journey to $100,000 is hitting a snag as an area of interest limits bullish demand.
Here’s a level you can watch if you’re waiting for bitcoin to moon (some more):
Bitcoin (BTC/USD) 4-hour Chart by TradingView
In case you missed it, a rejection from just under the big $100,000 level dragged BTC/USD back to $92,000 before the HODLers HODLed harder and pushed the pair back up to its current $97,500 area.
Unfortunately for BTC bulls, not even end-of-month flows and uncertainty over the Fed’s next interest rate cuts have been able to push BTC/USD back to its record highsBTC/USD back to its record highs.
Remember that directional biases and volatility conditions in market price are typically driven by fundamentals. If you haven’t yet done your homework on bitcoin and the U.S. dollar, then it’s time to check out the economic calendar and stay updated on daily fundamental news!
We’re looking at the $97,500 zone, which is right around a mid-channel resistance in the 4-hour time frame. It’s also not too far from the Pivot Point line, which may attract buying or selling pressure in the next trading sessions.
A rejection from the mid-channel area could drag BTC/USD back to its $92,000 previous lows and S1 (91,966) Pivot Point area. And, if there’s enough bearish momentum, BTC/USD could consistently trade below the 100 SMA and head for new post-record-high lows.
Of course, we can’t underestimate the crypto degens. Look out for BTC/USD busting through the mid-channel line, which could then attract enough bullish demand and encourage another run for the big $100,000 level.
What do you think? Which way will BTC/USD go?
As always, watch out for other top-tier catalysts that could impact overall market sentiment, and make sure you practice proper position sizing when taking any trades!