Bitcoin is holding steady around $103,000 after a big jump last week. This pause could be a period of accumulation before the next big move. Most people seem to think the price will keep going up.
The $109,000 Target
A key level to watch is the all-time high of $109,000. If Bitcoin’s momentum continues, we could see a challenge to that level soon.
A Bullish Signal After Months of Bearishness
Interestingly, CryptoQuant’s Bull Bear Market Cycle indicator—which has been bearish since February 24th—is showing early signs of a bullish reversal. While the signal is still weak, it’s the first positive sign in a while. The short-term moving average is also trending upwards, which is a good sign. With the overall market improving and other cryptocurrencies gaining traction, Bitcoin’s current consolidation might just be a prelude to a much bigger move.
Breaking Through Resistance: $104,000
After a strong rally pushing Bitcoin above $100,000, it’s now facing resistance around $104,000. Breaking through this level could trigger a significant price increase and renewed investor confidence. However, it could also lead to some profit-taking and selling pressure. Whether the rally continues depends on overall market conditions and investor sentiment.
CryptoQuant’s Bull Bear Indicator Flips
CryptoQuant’s Bull Bear Market Cycle indicator, bearish since February 24th, has finally shown a positive reading (though still weak at 0.029). More importantly, the short-term trend indicator is turning upward. If this crosses above the longer-term average, history suggests a potential parabolic rally for Bitcoin.
Price Consolidation and Technical Analysis
Bitcoin is currently consolidating below $103,600 after a rapid rise from below $90,000. The chart shows a bullish flag pattern, suggesting further upward movement if momentum continues. Moving averages are trending upwards, and volume has decreased slightly during this consolidation—typical before a breakout. A sustained close above $103,600 could quickly push Bitcoin towards the all-time high. However, failure to break this resistance could lead to a short-term pullback. The overall price structure looks positive.
The Bottom Line
The combination of price action and on-chain indicators suggests a critical moment for Bitcoin. If things stay positive, we could see Bitcoin make some serious gains.
