Bitcoin confidently trades beyond the $100,000 milestone, reaching a recent local peak near $104,300. Following a period of erratic movements and uncertainty, the bulls have taken over, sparking momentum throughout the wider cryptocurrency market. As Bitcoin revisits critical supply levels last witnessed near the previous all-time high, expectations are growing that this surge could mark the beginning of a consistent upward trend.
The entire market seems to be stirring, with altcoins taking cues from Bitcoin and liquidity seeping back into riskier assets. Traders are keenly observing if Bitcoin can preserve this strength and transform $100K into a solid support level.
Top analyst Big Cheds provided a technical update spotlighting the current 4-hour chart formation, remarking that Bitcoin is demonstrating a bullish consolidation. This pattern often indicates continuation as the price tightens just below resistance before attempting a breakout. With no exhaustion signs yet, the setup suggests that Bitcoin might have more room for growth, particularly if the bulls can sustain momentum over the weekend.
Bitcoin Challenges Crucial Resistance Amid Bullish Momentum
Bitcoin has demonstrated remarkable strength in the past few days, overcoming multiple resistance levels and reclaiming the $100K mark with determination. Currently trading near $104,000, Bitcoin is facing a vital resistance zone that could decide whether the rally will continue towards new all-time highs—or pause for consolidation. This level aligns with the upper boundary of a previous supply zone and has become a central point for both bulls and bears.
Although the price action remains distinctly bullish, macroeconomic conditions continue to present risks. Ongoing global uncertainty, inflation worries, and rigid monetary policies from central banks may impact risk assets in the short term. Should the sentiment change or external shocks affect the market, Bitcoin may face a pullback despite its recently established strong structure.
Cheds shared insights into Bitcoin’s current setup, emphasizing that the 4-hour chart is showing a “high and tight” bullish consolidation—a classic continuation pattern. According to Cheds, this formation showcases strength, as Bitcoin consolidates at high levels instead of pulling back, indicating that buyers are dominating and soaking up any selling pressure.
If Bitcoin can push past the $104K mark with volume, the next logical target would be a retest of the previous all-time high around $109K. However, traders should remain vigilant. Despite the bullish technical setup, short-term volatility and external market risks could lead to abrupt reversals.
As of now, Bitcoin maintains a bullish bias, and as long as it continues consolidating above $100K, the case for a continuation higher remains intact. The following sessions will be vital to determine whether Bitcoin has the strength to break out or requires more time for consolidation.
