Bitcoin Bears Await A Pause — Yet A Possible Breakout To $104,000 Could Be Hard To ‘Handle’
Bitcoin's price action suggests a short-term consolidation is likely, potentially forming a cup-and-handle pattern before a significant upward move.Summary
Bitcoin has recently risen about 3%, but technical indicators suggest a pause or consolidation is imminent, possibly completing the handle portion of a developing cup-and-handle formation on the daily chart. This consolidation is supported by on-chain data showing cautious accumulation by long-term holders and heavy long leverage in derivatives markets, which could trigger liquidations on small pullbacks.
Despite the potential pause, the broader bullish structure remains intact due to fading selling pressure. Exchange inflows have dropped over 90% since late December, and spent coin activity has significantly decreased, indicating that traders are not rushing to sell into strength.
Key price levels dictate the next move: maintaining above $89,450 keeps the bullish setup valid, while breaking $84,320 would invalidate the pattern. A confirmed break above $94,710 could target $104,000, suggesting that while bears might get a temporary reprieve, the subsequent breakout could be substantial.
(Source：BeInCrypto)