- Bitcoin’s consolidation near $97,751 hints at an imminent breakout as traders monitor a key symmetrical triangle pattern.
- Holding support at $96,500 is crucial, while a weekly close above $100K could confirm a bullish breakout and drive further gains.
- Market sentiment hinges on Bitcoin’s next move, with historical trends and upcoming events like halving fueling cautious optimism.
Bitcoin remains in a consolidation phase, hovering near $97,751 as traders monitor a key symmetrical triangle pattern. The price has been forming higher lows while struggling against resistance, signaling a potential breakout. Market players wait for confirmation as Bitcoin gets closer to the peak of the triangle. Bitcoin’s next move will be determined in large part by the upcoming weekly closure.
Bitcoin Holds Higher Lows Amid Consolidation
Crypto analyst Rekt Capital stresses the need to hold support over $96,500. Bitcoin is still developing a pattern of higher lows even though downward wicks are testing lower levels. This suggests underlying strength in the bull market. The market is still unsure, though, and resistance close to $100,000 is preventing further gains.
Source: Rekt Capital
Between September and November 2024, Bitcoin experienced a strong rally before retracing in December. The pullback established a lower boundary for the current symmetrical triangle. Since then, price action has remained constrained, consolidating between key support and resistance levels. The narrowing range suggests an imminent breakout, likely determining Bitcoin’s short-term direction.
Key Levels to Watch for Breakout Confirmation
The market structure suggests that reclaiming $97,900 is crucial for intra-pattern continuation. If Bitcoin breaks above this level, it could challenge the upper trendline once again. Moreover, a weekly close above $100,000 could signal bullish confirmation, encouraging further upside momentum. On the other hand, losing the $96,500 support could invite additional selling pressure, pushing Bitcoin toward lower support zones.
Multiple rejection points near the upper trendline indicate strong resistance. However, higher lows suggest buyers are absorbing selling pressure. Hence, a decisive breakout above resistance could result in a rapid price expansion. Conversely, a breakdown below support would invalidate the bullish pattern, potentially leading to increased volatility.
Market Sentiment and Future Outlook
As the symmetrical triangle’s apex approaches, a move is anticipated. Furthermore, past patterns indicate that extended periods of consolidation frequently result in dramatic breakouts. Consequently, the direction of the next move will shape market sentiment in the coming weeks.
Additionally, The next move will depend on liquidity dynamics, institutional interest, and macroeconomic conditions. Furthermore, market players are cautiously bullish about Bitcoin’s long-term direction as its halving event draws near.
