Following several attempts to lose grip above the $90,000 level, Bitcoin has managed to hold well, although the bulls are getting weak daily. It has initiated a buy on the lower timeframe, looking set for another rally.

It has been an interesting ride for the bulls over the past two weeks as Bitcoin increased by over 30% – rallying through several resistance levels to hit a new all-time high of $93,265 last Wednesday.

The new high was rejected, and the buying pressure cooled off due to a serious volatility contraction on the way up. While the daily chart indicates signs of exhaustion, the bulls are still showing commitment.

Meanwhile, the volatility contraction started after reaching the $89,000 level and as we can see on the daily timeframe, BTC has been struggling to break higher. Although trading is still looking good on the hourly timeframe as it just initiated a fresh buy towards the recent high.

If the contraction turns to another accumulation phase for Bitcoin, we can anticipate a bigger price movement in the coming days. A successful break above the current high could trigger more rallies towards the $100k level, which has been the major bulls’ target during this buying phase.

Despite showing signs of exhaustion, Bitcoin is yet to lose momentum on the daily chart. If that eventually happens, it may retest the previous ATH before resuming the bull run. For now, the bulls are still taking charge.

In the latest buy, Bitcoin must reclaim the $93,265 resistance, tapped as a new high last week – before rallying to the $96,000 and $99,000 levels.

Aside from the hourly $88,700 support, the market is well supported by the $85,072 level in the past week. Other levels standing as support are $81,500 and $77,200.

Key Resistance Levels: $93,265, $96,000, $99,000

Key Support Levels: $85,072, $81,500, $77,200

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: designer491/123RF // Image Effects by Colorcinch

27 +