Bitcoin (BTC) is currently hovering around an important price level as market observers await important support and resistance points. The future action will depend on whether Bitcoin can maintain around this price level or break above it.
At the time of writing, BTC is trading at $95,104, with a 24-hour trading volume of $22.19 billion and a total market value of around $1.90 trillion. The price has slipped by 0.25% over the last 24 hours, reflecting mild short-term pressure rather than a major shift in direction.
Bitcoin Faces Key Resistance Test
Popular crypto analyst More Crypto Online highlighted that there is still room for Bitcoin to move up, but this will require a clear indication or signal. The crypto analyst stated that the next important target for buyers is to break above the $95,650 level.
But, at the same time, he also indicated that the previous wave movement looked like it only constituted a three-wave pattern. This means that, as yet, there is not enough technical analysis confirmation that the current correction wave, which is labeled wave (4), is finished.
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Bitcoin Near Key Breakout Zone
Meanwhile, another analyst, World of Chart, also identified the regions that investors should focus on in the coming trading sessions. He said that BTC is currently trading in pristine regions and that the first major region lies inside the upper blue box. If Bitcoin manages to stay above this region, then the possibility of a move to $100,000 could be achieved.
On the other side, the analyst warned that a break below the first support area could change the outlook in the shorter-term. If so, Bitcoin could move lower towards the $88,000 to $89,000 area. The analyst recommended waiting for confirmation before expecting a strong break in either direction.
Overall, BTC finds itself at a crucial point in time, with both positive potential and negative risks still in play. The coming days will be crucial, in that it will depend largely on how the price reacts around these key levels.
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