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Bitcoin approaches $93.5K resistance with weakening rejections, higher lows, and bullish signs suggesting a potential move toward $100K.
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Summarize with AI
Summarize with AI
Bitcoin is approaching a key resistance level near $93,500, with traders watching for a breakout. After several tests of this range, recent movements show reduced selling pressure, raising the possibility of further upside.
Repeated Tests Weaken Resistance
Bitcoin has been testing the $93,500 level multiple times. Each time, the asset has pulled back less than before. The first rejection from this level saw a drop of 14%, the second about 10%, and the most recent test has shown minimal rejection. These smaller pullbacks suggest that sellers are starting to lose control.
Analyst Rekt Capital commented,
Notably, the pattern also shows higher lows forming over time, which many traders see as a sign of growing pressure from buyers. If this trend continues, Bitcoin may soon break through the resistance and move toward higher levels.
Bitcoin (BTC) Price Chart 04.12. Source: Rekt Capital/XMeanwhile, Bitcoin is trading near $93,200 at press time, with a 24-hour low of $92,000 and a high of $94,100. The price has moved up over 2% over the past week, despite a small dip in the last 24 hours.
Last week, BTC climbed above $90,000 after falling below $81,000 in mid-November. It reached over $93,000 before moving sideways between $91,000 and $92,000.
CryptoWZRD noted that Bitcoin closed above $91,500, calling it a bullish daily close. That level now acts as support. The next key area on the chart is $94,000. If it breaks and holds above that zone, it could create room for a move toward $100,000. Until that breakout occurs, the market may continue to trade sideways.
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Early Month Pattern May Signal Shift
Trader Daan Crypto Trades pointed out that Bitcoin set a local low on December 1 after a sharp move down from the monthly open. Referring to early-month patterns seen in past cycles, he said,
He explained that most months see a reversal after an early move. This month’s action appears to fit that pattern. If that continues, Bitcoin could now be shifting momentum back toward the upside after setting an early low.
At the same time, on-chain data shows that Bitcoin reserves on Binance have dropped to their lowest levels in years. Analysts say this drop is not due to weakness in the market but reflects growing demand for self-custody and institutional interest, including ETF-related activity.
As CryptoPotato reported, this behavior may point to Bitcoin nearing the low end of its current cycle. When fewer coins sit on exchanges, and demand rises, the price tends to follow over time.
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Source: https://cryptopotato.com/bitcoin-tests-93-5k-again-heres-why-this-time-could-be-different/
