The market finally showed a turnaround yesterday, breaking the previous stalemate and beginning to reveal its true momentum.
Looking back at previous judgments, Bitcoin's key resistance level was around $95,000. Once broken, there was a chance to test near $99,000. Over the past half month, the price fluctuated between $89,000 and $94,500, tugging back and forth for nearly ten days. Now, it has finally broken out.
From the weekly chart perspective, an important bottom formation has basically taken shape. As for the market discussions about whether the "bull market is still ongoing," let's not dwell on that. From a mid- to long-term trend perspective, I still lean towards bullishness.
There are two clear signals in the current chart. First, the rhythm of the larger cycle remains unchanged; the weekly trend is still progressing as expected, just with a delay in specific timing. Second, there is indeed short-term pressure; currently, the price is encountering resistance around $96,800, so a slight pullback is possible. The key is whether the breakout at $94,500 can hold.
Here's a simple overview of the next steps. On the upside, in the short term, the price could target the $98,500 to $100,800 range. In recent days, the price might attempt to "pin" into this zone for the first time. On the downside, as long as the critical support at $92,000 holds, any pullback will likely become the best entry point for the next upward trend. There are still opportunities to go long; the key is to grasp the rhythm well.
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The market finally showed a turnaround yesterday, breaking the previous stalemate and beginning to reveal its true momentum.
Looking back at previous judgments, Bitcoin's key resistance level was around $95,000. Once broken, there was a chance to test near $99,000. Over the past half month, the price fluctuated between $89,000 and $94,500, tugging back and forth for nearly ten days. Now, it has finally broken out.
From the weekly chart perspective, an important bottom formation has basically taken shape. As for the market discussions about whether the "bull market is still ongoing," let's not dwell on that. From a mid- to long-term trend perspective, I still lean towards bullishness.
There are two clear signals in the current chart. First, the rhythm of the larger cycle remains unchanged; the weekly trend is still progressing as expected, just with a delay in specific timing. Second, there is indeed short-term pressure; currently, the price is encountering resistance around $96,800, so a slight pullback is possible. The key is whether the breakout at $94,500 can hold.
Here's a simple overview of the next steps. On the upside, in the short term, the price could target the $98,500 to $100,800 range. In recent days, the price might attempt to "pin" into this zone for the first time. On the downside, as long as the critical support at $92,000 holds, any pullback will likely become the best entry point for the next upward trend. There are still opportunities to go long; the key is to grasp the rhythm well.