Bitcoin (BTC) is currently trading at approximately $93,000, with a 24-hour trading volume of $91.2 billion. The cryptocurrency has experienced a 7% increase over the last day and a 6% rise over the past week. Following a dip below $84,000 earlier in the week, BTC has demonstrated a strong reversal and is now testing a significant resistance level around the $93,000 mark.
Resistance Near $93,000 in Focus
Bitcoin is presently retesting the neckline of an inverse head-and-shoulders pattern observed on the 3-hour chart. This critical level, situated between $92,000 and $93,000, is being closely monitored by market analysts. Crypto Patel, an analyst, commented on the situation, stating:
“If this $BTC breakout plays out, we’re eyeing $105K–$107K next.”
This particular chart pattern is often indicative of a potential trend reversal. Should the price successfully break and sustain its position above the neckline, the pattern suggests a projected target range between $105,000 and $107,000. However, this breakout has not yet been definitively confirmed. The price action observed around the neckline is expected to be a key determinant of Bitcoin's immediate future direction.
Further analysis comes from Michaël van de Poppe, who noted:
“If $92K is lost, we’ll probably liquidate some longs and have a relatively harsh drop.”
Van de Poppe added that a return to the $88,000–$90,000 range would still be consistent with the prevailing trend. This zone has previously served as support and aligns with earlier periods of consolidation. The lower boundary of the inverse head-and-shoulders pattern is located near $82,400. A breach below this level would likely invalidate the pattern. Until then, traders anticipate continued volatility as Bitcoin consolidates near its current resistance.
Structure Remains Positive on Short-Term Charts
Daan Crypto Trades highlighted that Bitcoin has achieved both a higher high and a higher low on its price chart. He elaborated:
“Price did now make a higher high and higher low, so technically the market structure is back to bullish on this timeframe.”
He also indicated that $97,000–$98,000 could serve as a short-term target if current momentum persists. Concurrently, data from Glassnode indicates the formation of short-liquidation clusters, which could potentially fuel buying pressure during upward price movements.
Additionally, indicators suggesting capitulation and seller exhaustion are becoming more prevalent. Recent market behavior, as reported by CryptoPotato, suggests that Bitcoin might be approaching the bottom of its current cycle. While such conditions often precede market turning points, precise timing remains elusive. Significant buybacks and short squeezes have contributed to the recent upward momentum in Bitcoin's price.