Bitcoin’s upward trend since exceeding $75,000 continues, currently consolidating around $95,000. However, the market faces uncertainty as a short-term breakout could lead to further growth, but a correction remains possible. A crucial range has been held for over a week, contributing to recent price action. Can Bitcoin now break through the pivotal resistance at $96,200 after this consolidation period? Bitcoin’s short-term price is forming an ascending triangle with potential for breakout, while long-term technical indicators suggest a shift towards bearishness.
After breaking free from a wedge pattern, the BTC price reached an important resistance zone. Despite upward pressure, it remains within the zone and has not yet tested the key $96,200 resistance level. Meanwhile, MACD shows decreased selling pressure, potentially heading toward a bearish crossover. This trend raises concerns about the rally’s stability, especially as the market approaches its monthly close.
The price action may trigger an immediate breakout if it surpasses the crucial $96,200 barrier. A Fair Value Gap of around $87,000 also suggests potential for a significant price movement in coming days. Market participants must remain vigilant and prepared as volatility is expected to rise near the month’s end.