TLDR:
- $94K support is a key turning point, indicating strong buyer presence at this level.
- BTC’s price action suggests consolidation before a breakout toward $106K and beyond.
- Failure to hold $94K could lead to a deeper pullback, with $80K as a key risk zone.
- High liquidity clusters above $97.5K suggest potential for sharp upward movement.
Bitcoin (BTC) is trading at $95,527.99 as of this press, with a 24-hour trading volume of $37.48 billion. While it shows a slight -0.04% decline in the last 24 hours, the cryptocurrency has experienced a 5.91% increase over the past week.
Bulls are currently defending the critical $94K support level, signaling potential for continued upside. As BTC consolidates above this level, traders are eyeing the $106K resistance, which could open the path toward even higher targets.
Bitcoin Holds Strong Above $94K: A Bullish Consolidation Phase
Bitcoin has once again demonstrated resilience as it defends the crucial $94K support zone. This area, which was previously a point of resistance, has now flipped to support after a successful breakout.
At the time of writing, BTC is consolidating near 95.5K, just above this key zone. This confirms that bulls are actively stepping in and creating a strong base for future price action.
The significance of the $93.5K–$94K support region goes beyond its horizontal level. It marks a market structure flip, a classic technical pattern where resistance turns into support after a breakout.
This process is essential for validating the strength of the trend. Price retesting this level and holding it suggests that demand remains robust.
Buyers are eager to defend this crucial price point. Furthermore, the support zone aligns with an ascending trendline that has guided BTC higher since the lows of late December.
The combination of a rising trendline and horizontal support strengthens the bullish case for Bitcoin. Therefore, the $94K zone could serve as a launchpad for further upside.
What’s Next for Bitcoin? Upside Targets and Risks
If Bitcoin continues to hold above the $94K support, the next key resistance lies around $106.4K. This represents a prior rejection zone.
A successful break above this level would significantly increase bullish sentiment. If it materialises, it could set the stage for a potential rally toward $115.5K, aligning with Bitcoin’s all-time-high (ATH) resistance zone.
However, the bullish case isn’t without risk. A failure to hold the $94K support would invalidate the current structure and could open the door for a deeper correction.
In that case, the $80K region could serve as a potential demand zone where buying interest could re-emerge. In terms of liquidity, the market is currently positioned with significant liquidity clusters just above $97.5K–$100K.
This suggests that a sharp upward move could trigger the price to move toward these levels, especially as leveraged positions are liquidated. For now, patience is key as the market consolidates.
If Bitcoin holds this support, the path toward $106K remains in play. However, if $94K breaks down, traders should prepare for potential volatility and deeper downside risk.
The post BTC Bulls Maintain Momentum as $94K Holds: What’s Next for Bitcoin? appeared first on Blockonomi.
Source: https://blockonomi.com/btc-bulls-maintain-momentum-as-94k-holds-whats-next-for-bitcoin/
