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- Bitcoin is poised to reach new highs by the end of the week, but overcoming the $108K resistance remains a key challenge.
- With a 98% chance of rising if the daily low holds, Bitcoin is poised to target $109K in the coming days.
- The $108K resistance remains tough to break; support at $105K could trigger further upward movement.
Bitcoin (BTC) is poised to break new records before the end of the week, despite a challenging period in terms of price. Praevisio highlighted that Bitcoin would extend beyond major resistance boundaries, assuming the current trends persist. Although the Price movement suggests the potential for a short-term bounce in Bitcoin, the chart reveals some disagreements. The coming few days will be critical to its price trend.
Bitcoin has just filled a 12-hour imbalance and has tested the 4-hour breaker block. BTC went below the weak low and hit the breaker during the Asia trading session. This movement was accompanied by a 15-minute break in structure, signaling a new demand in the market. Nevertheless, the Value Area High (VAH) rejected Bitcoin severely. Bitcoin must sustain the daily low in order to move further up today. Without this, the market will require bullish data in the New York session to drive prices.
Source: X
Market’s Bullish Potential
The next direction of Bitcoin is mixed in probability. It is 36% likely to fall below the existing low. However, the probability of the market going long in case of the daily low reinsures is 98%. The data is neutral daily, but the weekly data shows an upward trend. Praevisio is positive, as Bitcoin is likely to reach new records by Monday.
Source: X
Skew revealed that the BTC market is yet to overcome the top-side liquidity at $108K. Spot and Perpetual markets have not managed to break above this major resistance level. Spot Cumulative Volume Delta (CVD) is reducing with Bitcoin moving closer to the $108,000 range. There is also more hedge activity around this level, indicating that traders are cautious. The resistance level of $108,000 is becoming a barrier, and Bitcoin has not yet broken above it to a higher price.
Source: X
Bitcoin Upward Momentum
The resistance, on the other hand, is at 105,000, where the bid liquidity is robust. Provided that Bitcoin can remain above this mark, the likelihood of further upside momentum is quite high. A breakout above the $108,000 resistance level would be bullish, signaling the next resistance to be at the $109,000 mark.
Bitcoin has structural indicators that support an increase, despite the barrier at $108,000. When the low of the day is supported, and the stock price surpasses the $108,000 mark, there may be a significant spike in the market. Crypto is under a bullish trend according to Praevisio, giving the currency a target of $109,000.
Bitcoin is about to explode. The $108,000 resistance is still not easy to surmount, but in case of major support in BTC, then it can touch new heights until Monday. The coming days will reveal whether BTC can overcome the hurdle of $108,000 and pursue its aim of $109,000.
