BTC - Can BTC push past $109k in this rising channel?

5月21日

Bitcoin has been trading within a clearly defined upward channel since the beginning of April. This rising channel is characterized by three touchpoints on both the upper and lower trendlines, indicating a consistent pattern of price movement within these boundaries.

Approaching key resistance
Currently, BTC is approaching a critical resistance level near the $109,000 mark, which coincides with its previous all-time high. This level represents a significant psychological and technical barrier, as it was the peak of the last major bull cycle. The price is now testing this resistance while still remaining within the rising channel. The confluence of the upper channel resistance and the historical all-time high makes this a decisive moment for Bitcoin's price action.

Bullish breakout
A rejection from this resistance zone could lead to a temporary pullback, potentially towards the lower boundary of the rising channel. This would not necessarily signal the end of the bullish trend, but rather a healthy consolidation within the established structure. However, a confirmed breakout above the $109,000 level, especially if supported by strong volume and bullish momentum, would likely signal a significant shift in market dynamics. Such a breakout would validate the strength of the current uptrend and could open the door for new all-time highs. In that scenario, the $109,000 level would likely flip from resistance to support, becoming a crucial area for bulls to defend on any future retests.

Bearish breakout
On the downside, traders should also be aware of the implications of a breakdown below the rising channel. The lower boundary of the channel, currently located around $104,000, is an important technical level to watch. A decisive break below this level could indicate a loss of short-term bullish momentum and may trigger a deeper retracement. In such a case, BTC would likely target the imbalance zone between $97,500 and $100,500, a region where price moved rapidly in the past without establishing strong support or resistance. This zone could serve as a critical area for buyers to step in and attempt to reestablish bullish control, potentially setting the stage for another rally toward the $109,000 resistance and a renewed attempt at a breakout.

Conclusion
In summary, Bitcoin is currently at a pivotal juncture. The upward channel that has guided price action since April remains intact, but BTC is now confronting a major resistance zone at its previous all-time high. Whether price breaks through to new highs or experiences a pullback will depend on the strength of market momentum and the behavior of buyers and sellers at these key levels. Traders and investors should remain vigilant and prepared for both scenarios, as the next move could set the tone for Bitcoin’s trajectory in the coming weeks.

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5月22日

交易進行

We are looking for a break of the ATH. The push to $109k has happened. Lets see if we can sustain it!