Bitcoin is currently trading above significant support levels as the weekend liquidity kicks in, with market participants focusing on the resistance levels of $98,200 and $107,500. The upcoming sessions are pivotal, as they may determine BTC”s immediate price direction.
As noted by analyst Kamile Uray, Bitcoin remains robust above the $89,326 support level. Sustaining above this threshold keeps the potential for an upward trend alive, acting as a foundation for bullish sentiment. A breakout past the $98,200 resistance would redirect attention to the next target at $107,500. This price point is crucial; a daily close above it would establish a higher high on the daily chart compared to the preceding decline, suggesting a continuation of the bullish trend.
Conversely, should Bitcoin face rejection at these resistance levels and drop below $89,326, the likelihood of a downtrend resurfaces. A reversal could happen within the support range of $83,822 to $82,477, potentially allowing bulls to reclaim momentum. If BTC closes beneath $82,477, further declines could lead to testing the historically significant support range of $74,496 to $71,237, where a confirmed reversal might set the stage for another bullish rally.
As highlighted by crypto expert Lennaert Snyder, the $94,630 support level is critical for maintaining short-term market structure. On Friday, BTC briefly dipped to this level before stabilizing, underscoring its importance as a pivot point. With the weekend liquidity likely to create a defined trading range, Bitcoin may oscillate until late Sunday or early Monday.
For bullish traders, the strategy involves holding the low and monitoring for a break above $95,820, which could present an opportunity for long positions targeting the $97,960 monthly high. Those anticipating bullish momentum might consider closing a portion of their position at this high while allowing 30% to 40% to run for additional gains.
However, if Bitcoin loses the $94,630 support on the H4 chart and retraces into the previous range, it raises the possibility of continuing to lower lows. In such an event, traders might look for confirmation on a retest to enter short positions, providing a structured approach to managing risks and potential downturns.
