Bitcoin battles THIS resistance after 3 failed breakouts! – What next?
Journalist
Posted:
- Open Interest was rising across most assets, with BTC now approaching the next major OI resistance at $99K.
- Bitcoin’s next move depends on breaking above the descending trendline that has rejected price 3 times.
Bitcoin’s [BTC] price movements continue to be tied in a range just below the $100K level, with the Open Interest (OI) playing a key role in influencing recent price action.
Recently, the OI screener noted a regime change, indicating increased participation as the heatmap brightened across most crypto assets.
Specifically, a significant OI pivot occurred when BTC’s price flipped to the 95,600-95,900 range into support. This propelled BTC to climb towards the next cluster of OI resistance.
Following this transition, Bitcoin successfully breached the 97,000 level, driven by accumulating interest in both long and short positions.
The focal point now shifts toward the $99,000 range, where a major OI resistance level sits.
Source: Hyblock Capital
If BTC sustains this momentum and the support just below $96K holds firm, it could challenge the $99,600 to $99,900 area next. These crucial OI levels will be key to BTC’s next move.
The outcome depends on whether traders continue to bolster current positions or capitalize on gains. This could introduce increased volatility and test the resilience of the $99K resistance.
What’s next for BTC after 3 rejections?
Bitcoin’s price action is nearing a crucial moment as it approaches a break from a descending trendline. This trendline has led to three prior rejections, marked at points above the $99K level.
Recently, Bitcoin jumped from $93.5K to $98.4K, putting 1.7 million BTC back in profit, as noted by Axel Adler on X (formerly Twitter).
Each rejection at this trendline saw subsequent pullbacks, testing lower support levels before attempting another rally. Currently, BTC is approaching this resistance again. The question is whether this attempt will lead to a breakout or another rejection.
The trendline represents consistent resistance around the $100K mark, a psychological barrier. If broken, it could signal a bullish continuation for Bitcoin, potentially leading to a move back to its all-time high of $109K and beyond.
Source: Ali/X
On the flip side, failure to surpass this barrier could see BTC retesting lower supports, potentially down to $97,300 or further down to $90k, as indicated by previous lows in the pattern in early February.
A confirmed breakout or rejection here could set the tone for Bitcoin’s market trajectory in the near term.