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Bitcoin’s price promotion in the last 24 hours Characterized by intense volatility Because it hit both the lower and upper ends of $ 98,380 and $ 103,369 respectively. Technical analysis of the Bitcoin price campaign on the weekly candlestick time confirmation shows that the leading cryptocurrency is On the way to a target price from $ 117,000.
An analyst on the TradingView platform has a detailed route map set out For the journey from Bitcoin to this price target of $ 117,000, a series of top prize zones and market cycles emphasize to pay attention.
Momentum and resistance levels on their way to $ 117,000
Technical trend analysis shows that since Q4 2024 Bitcoin has been traded in an increasing channel in a weekly candlestick time, whereby the price steadily climbs within the channel. As shown in the graph below, the most Recent 7-day candlestick is BeerarishPush Bitcoin to re -test the centerline of this rising channel. This Bearish movement reflects temporary sales pressure but corresponds to the wider pattern of corrections within an overall uprising.
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From here a rebound is expected that Bitcoin would send on another movement to the upper trend line. Interestingly, a movement to the upper resistance zone places the price target about $ 117,000, which marks an important milestone for Bitcoin. Nevertheless, a potentially downward risk remains, and the trip to $ 117,000 is not expected to be linear.
According to the analyst, Bitcoin can witness a withdrawal to the zone between $ 95,000, $ 97,000 and $ 100,000, which can act as a consolidation area before Bitcoin resumes his upward process. This zone coincides with previous support levels and trend lines, which further strengthens its meaning as a critical area for accumulation and stability. The harmonic Fibonacci projection tool also suggests the withdrawal to the reach between $ 97,000 and $ 95,000 “Healthy setup” for a continuing rally.
Moreover, temporary resistance near $ 108,000 can also slow down the Bitcoin climb. This level is even more remarkable, given that it is the current of all time That should be surpassed. The total long -term structure remains Bullish, even with the potential withdrawal, with higher highlights and higher lows that form on the route map up to $ 117,000.
Bitcoin’s Market Cycli over several timetables
The analyst has also looked at Bitcoin’s market cycles about different timetables. On the daily graph, Bitcoin is currently in cycle 2, which the analyst describes as a phase with little moment of buy. Coming in at the current level brings a higher risk and cycle 1 should return for an access point. The weekly period of time also reflects cycle 2 at the top of the graph. This placement often turns into cycle 3, which could lead to a considerable price movement upwards or down.
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Cycle 1 is present at a period of two weeks, but is also placed at the top, which is also not a good access point. However, removing a recent sales signal suggests that the immediate risk of bitcoin $ 97,000 has decreased, But is not completely over.
At the time of writing, Bitcoin acts at $ 102,700 And has risen by 4% in the last 24 hours.
Featured image of Istock, graph of TradingView.com
