Bitcoin's Recent Price Action: A Technical Breakdown
Bitcoin has been keeping traders on the edge of their seats this week, showcasing the kind of volatility that defines the crypto market. After a strong push towards the $98,000 resistance level, we've seen a sharp rejection followed by a consolidation phase that has many wondering: is the bull run over, or is this just a healthy correction?
The $100k Psychological Barrier
The march to $100,000 is more than just a technical target; it's a massive psychological barrier. As we approached $98k, sell walls on major exchanges thickened, indicating that whales and long-term holders were taking profits. This is expected behavior at all-time highs. The market needs to absorb this supply before it can push higher.
Institutional Flows
Despite the short-term price chop, the institutional narrative remains incredibly bullish. ETF inflows have remained positive for 14 consecutive days, suggesting that traditional finance is buying the dip. When BlackRock and Fidelity are accumulating, it's a signal that the smart money is positioning for a longer-term move. They aren't trading the 15-minute chart; they are looking at the next 5-10 years.
Key Levels to Watch
Right now, we are watching the $88,500 - $90,000 zone as critical support. If we hold this level on the daily timeframe, the structure remains bullish. A breakdown below $88k could open the doors to a deeper flush towards $82k, which would present a massive buying opportunity. On the upside, a daily close above $98k is the confirmation we need for the breakout to six figures.