Bitcoin’s price is at a crucial point. It’s been struggling to break through a key resistance level, and it’s unclear what will happen next.
The Resistance Hurdle
Bitcoin has repeatedly failed to break above $95,400-$95,800. This resistance level has acted as a ceiling, preventing a push towards $100,000. While the overall trend is still bullish, this repeated rejection is causing some concern.
A Potential Dip to $93,000
One analyst, TehThomas, suggests Bitcoin might dip further before resuming its upward trend. This dip, to the $93,000-$93,800 range, would be a “liquidity sweep.” This means the price would drop to eliminate weak buyers and create a stronger base for a subsequent rally. This area is supported by a key trendline, making it a likely target for this sweep.
Two Scenarios: Bullish or Bearish?
The next move depends on whether Bitcoin can break through the $95,400-$95,800 resistance and if the liquidity sweep at $93,000-$93,800 is successful.
Bullish Scenario: A dip to $93,000-$93,800, followed by a rebound, would be a positive sign. This would confirm the overall bullish trend and likely fuel a further price increase.
Bearish Scenario: If the price falls below $93,000, the liquidity sweep would fail. This could signal a weakening of the bullish trend and potentially lead to a more significant price drop. The bullish outlook would be temporarily invalidated./p>
