Bitcoin has recently demonstrated notable upward momentum, capturing the attention of investors as it navigates key resistance levels. This analysis delves into the cryptocurrency's current price trajectory and outlines potential scenarios for its immediate and mid-term future.
Immediate Price Action and Short-Term Outlook
Bitcoin (BTC) has posted a 1.34% gain over the past 24 hours, currently trading around $108,455. The cryptocurrency successfully breached a local resistance level at $108,234 on the hourly chart. Should the daily closing price sustain above this critical mark, analysts suggest a continued upward push toward the $109,000 range is likely. This indicates a bullish sentiment driving the asset in the very short term.
Mid-Term Considerations and Potential Risks
Despite the recent bullish closure, the broader daily timeframe reveals low trading volume, which could temper sustained upward movement. This suggests that bulls might require additional time to consolidate strength for a more significant rally. As a result, a period of consolidation within a narrower range of $108,000 to $110,000 appears to be a probable mid-term scenario. From a longer-term perspective, buyers face a less optimistic outlook if the weekly bar closes near its low. Such a development could significantly increase the probability of Bitcoin retesting the support level of $100,426 by the end of the current month.
