Bitcoin’s price traded 9.5% above its Jan. 1 open of $87,500, and traders were confident that BTC’s short-term “trend is up” as the price approached a key level of interest.
Key takeaways:
- Bitcoin is hovering near the $95,000 level as consolidation continues, with bulls encountering a key resistance zone ahead.
- Technical indicators point to the formation of an ascending triangle pattern, suggesting a potential upside target around $113,200 for BTC.
Bitcoin is approaching a critical “inflection point,” with its path back to six-figure territory dependent on reclaiming the $98,000 level — the short-term holder (STH) cost basis.
This threshold remains a major focus for traders and has yet to see a strong, convincing retest in recent sessions.
“$BTC is nearing a key inflection point,” Glassnode analyst Chris Beamish said in a Friday post on X, adding:
“Reclaiming the STH cost basis would signal that recent buyers are back in profit, typically a prerequisite for momentum to re-accelerate. ”
MN Capital founder Michael van de Poppe said that as long as BTC/USD remains above the 21-day moving average near $91,200, the broader uptrend remains intact, making a move above $100,000 only a matter of time.
Meanwhile, analyst Mags highlighted Bitcoin’s rebound from a multi-year trendline on the weekly chart.
“Bitcoin is bouncing off the long-term trendline support it has respected since March 2023,” Mags said in a recent post on X, adding:
“Each time the price has bounced from this support, we have witnessed a strong run-up.”
The last time Bitcoin bounced off this trendline in October 2023, it surged 172% to its previous all-time high of $73,800, reached on March 14, 2024.
Analysts are optimistic that BTC/USD could climb into six-figure territory, pointing to factors such as whale accumulation, robust institutional demand, and favorable on-chain metrics.
Bitcoin’s ascending triangle points to $113,000
BTC/USD is currently testing the horizontal resistance of an ascending triangle on the daily chart.
Key resistance lies between $96,000 (100-day EMA) and $99,500 (200-day EMA). Clearing this zone could pave the way for a move toward the triangle’s projected target of $113,200.
Bitcoin is consolidating in an “ascending triangle along with confirmed weekly hidden bullish divergence,” said analyst Matthew Hyland in a recent post on X, adding:
“Price goes up.”
The relative strength index (RSI) climbed to 64 on Friday, rebounding from oversold levels in mid-November.
“This indicates Bitcoin is trading strong while still being far from overbought in the short term,” Daan Crypto Trades noted, adding:
“There’s definitely a good amount of room to move higher for now. Just need the bulls to hold the lower timeframe bullish market structures.”
According to reports, a bullish divergence on the RSI, combined with a MACD crossover, has delivered classic reversal signals, with bulls now targeting $101,000 as the next key level to reclaim for confirming the uptrend.
