Bitcoin's price faces stiff resistance at the $100K psychological level, potentially leading to a bearish reversal if bulls fail to break through. While on-chain data suggests a bullish outlook with declining exchange reserves and inflows, a possible head-and-shoulders pattern indicates a potential price drop to $78,000. A decisive break above $100K is crucial for Bitcoin's continued upward trajectory.
journey to reclaim the psychological $100K price level has encountered a stiff resistance. At press time, the price hovered near a key pennant supply zone between $98K and $100K.
Breaking through this resistance level is vital for Bitcoin to continue its upward trajectory and avoid a potential bearish reversal., Bitcoin’s price chart suggested a possible head-and-shoulders pattern. If confirmed, this bearish setup could push the price down to the $78,000 region.However, the pattern remains invalidated until a decisive break below the neckline.
This suggests that market participants are increasingly opting to hold their Bitcoin, hence reducing the king coin’s selling pressure.Adding to this, exchange inflows—a key metric for assessing potential selling activity—have been steadily decreasing since the 30th of December. The battle between Bitcoin’s bulls and bears intensifies, the king crypto remains trapped beneath the $100K resistance level.
Bitcoin Price Prediction Resistance Level Head-And-Shoulders Pattern On-Chain Metrics
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