Bitcoin at Indecisive Moments : Bull or Bear Market?

Bitcoin  finds itself at a crucial range, trading between $68,000 and $74,000—an indecisive point that could determine its next major move. With both bullish and bearish scenarios possible, traders are closely watching key resistance and support levels to determine whether the market will break out or pull back further.

Bullish Scenario:

If Bitcoin (BTC) breaks through and a Daily-candle closes above the $73,873.9 level, this would signal a bullish breakout. Typically, a breakout above such a strong resistance level suggests the potential for a further rally.

The next major target would be $75850, and beyond this, the psychological target of $100,000  becomes a possibility. Traders could expect some short-term retracement or consolidation around these levels as the market decides its next move.

However, if bullish momentum continues and is supported by high volume, Bitcoin could maintain its upward trajectory, with the $100,000  mark being a major psychological target for long-term investors.

Source: Tradingview  

It’s worth noting that in such scenarios, strong bullish momentum often attracts new buyers, leading to more sustained upward pressure on price. Traders might closely monitor the volume,weekly close and sentiment across the market to determine if the rally can extend to new highs.

Bearish Scenario:

On the contrary, if Bitcoin fails to break above the $73,873.9 level and instead reverses, traders would look for support around the key level of $66,514.

If this support fails to hold and the price breaks below it with a confirmed close of a Daily-hour candle, this could indicate a bearish reversal. The next key support levels to watch for downside movement are $58,964.2  and $52,550 .

A bearish break below $66,514 would signal that buyers are losing control, allowing sellers to take over and potentially pushing prices lower to these next support zones.

Price Prediction:

In terms of price prediction, Bitcoin is at a point of indecision. The price action at $73,873.9  will be crucial. If bulls manage to maintain control and flip this resistance into support, BTC could aim for the $100,000  target.

However, if the structure breaks at $66,514 the market could witness a deeper pullback to $58,964.7 or even $52,550 depending on overall market sentiment and broader trends in the cryptocurrency space.

Overall, this analysis suggests that Bitcoin's next major move hinges on the ability to break and hold above the 73,873.9 USDT level.

Traders should closely monitor these key levels to determine market direction, with both bullish and bearish possibilities on the table.

Key levels;

Resistance : $73,873 $75850 $80,150  $100,115

Supports: $66,514 $58,964.7 $52,550 $49,004