Bitcoin has made headlines again, rising more than 3% in the last 24 hours, and is currently trading nearly $99,200. The much-anticipated $100,000 milestone is currently within a prominent distance, with market sentiment indicating that breakthroughs can occur at any time.
As always, during the major gatherings there is a continuous story about bearish divergence and bull traps. While some technical metrics suggest a possible pullback, when Bitcoin moves decisively over the $102,000 mark, these signals lose their relevance and confirm a clean breakout from the current sideways trends.
Bitcoin Price Analysis:
Bitcoin price rallies are backed by an increase in trading volume, a sign of genuine market interest, rather than speculative spikes. In the daily time frame, RSI levels are just beginning to rise, leaving plenty of room for additional upward movement. Previous market cycles followed a similar pattern, including price rises, shorter consolidation and stronger breakouts.
Bitcoin appears to be in a critical third phase of the current market cycle. If patterns from past meetings are retained, the next major leg could push from $104,000 to $121,000 in the short term.
