Bitcoin Price Prediction: Destination $100K Soon?

Bitcoin (BTC) price moved closer to a major decision level as it approached the yearly opening mark. This area, which had previously offered firm support, was turning into resistance.

Before dipping to $93,993.08, BTC price was trading around $94,264.5—just above the yearly open. Market participants were monitoring the action closely, since a clear breakout above this range could point to further upward movement in the price.

Bitcoin Nears Yearly Open, Resistance Zone Draws Focus

Bitcoin price sustained a position close to its first-year opening price, which became critical for trader attention at press time.

The $93,000 to $95,000 price range has shown intense price activity as it functions alternately as a supportive or resistive zone.

This back-and-forth behavior has made the area one of the most closely watched ranges on the chart.

The 4-hour Binance data indicated that Bitcoin surpassed $94,000 before returning to its previous positions. After starting its ascent from below $80,000, the price escalated to $94,000.

Market traders monitored price developments when it drew near the previously established region between $90,000 and $92,000. A break above the yearly opening price would allow for an additional increase. However, losing this level could trigger further selling activity.

Analysts pointed out that a breakout from the current level could lead Bitcoin toward higher price targets. The yearly open served as critical resistance during the trading year, thus presenting traders with an essential decision.

Aggressive Longs Dominate as Binance Records $62M in Net Taker Volume

Binance reached a new all-time monthly record by processing Bitcoin net taker volume worth $62 million. Aggressive market participants displayed significant growth through their aggressive buying behavior.

Taker volume is generated by market orders that take liquidity from the order book. A positive net value shows more buyers are placing market orders than sellers.

According to the chart provided by @ali_charts via CryptoQuant, net taker volume turned positive in mid-April. During that time frame, red bars became the dominant force in the chart as sellers took precedence in market activity.

The Bitcoin market experienced a price surge from its $76,000 level after traders entered the market through buying updates known as green bars. It caused the momentum to exceed $90,000. The rise in buyer demand was closely linked with the price recovery.

This increase in volume came alongside stronger bullish sentiment. The 25-hour moving average of taker volume revealed its growth through a substantial rise of green bars on the hourly chart.

The observed market momentum indicated investors maintained dominance while aspiring for future price gains through breaking out beyond existing resistance barriers.

Bitcoin Breaks Out of Consolidation, Bulls Eye $100K Target

Bitcoin price surged past a pennant shape that developed while the price maintained its upward trend in the 4-hour chart timeframe. When traders spot this pattern, they typically anticipate that the ongoing trend will continue.

The price movement occurred with rising trading volume, which signaled to traders that buyers supported the price increase. A long-standing descending trendline also broke, further supporting the rally.

Bitcoin reached approximately $94,904 at its recent high before experiencing a slight pullback to $92,167. However, support held at $91,925.5 and $87,664.5.

Those levels matched prior resistance and current demand zones. The exponential moving averages (EMA 5 and EMA 8) trended upward, showing a continued bullish bias unless these supports break.

The black arrow in the chart suggested the breakout direction. This trend was expected to continue as long as Bitcoin stayed above the $91,000 level. The analysts identified $100,000 as a primary psychological and technical level that could serve as future price targets.

Wyckoff Pattern Suggests Re-accumulation Ahead of New Bitcoin Highs

Bitcoin’s price structure showed features that multiple analysts attributed to the Wyckoff reaccumulation pattern. An uptrend follows accumulation by fast price action, then consolidation before continuing the ascent.

According to trader Ezy Bitcoin, the current phase was “playing out beautifully,” with bullish targets of $131,500, $144,900, and $166,700.

Cost basis data created additional barriers for investors to overcome. The average holding price of 392,000 BTC came to $97,000.

Numerous investors seemed ready to sell their BTC at its break-even price, indicating a possible supply zone formation. A price recovery of this supply area would establish the advantages of buyers over sellers.

Despite short-term hurdles, the structure showed that large players may be accumulating. Meanwhile, the price indicated an upcoming cycle phase due to the transition of pre-tension phases into trend continuation.

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