Bitcoin is facing strong resistance at the $97K level, highlighting an ongoing battle between buyers and sellers. However, current price action suggests a potential corrective phase before any decisive breakout.
Technical Analysis
The Daily Chart
Bitcoin has continued its impulsive surge after breaking above the crucial $90K threshold, reaching the $97K resistance region. However, the bullish trend has temporarily stalled at this critical level, with the price struggling to break above it. The recent consolidation near $97K reflects the presence of supply and a clear battle between buyers and sellers.
Additionally, the 100-day moving average has crossed below the 200-day moving average, forming a death cross, which could signal weakening momentum. Given the current structure, Bitcoin appears poised for a short-term corrective pullback or consolidation toward the $90K area before any potential breakout above the $97K resistance.
The 4-Hour Chart
On the lower timeframe, Bitcoin’s struggle at the $97K mark is even more pronounced. After reaching this resistance, the price gradually lost bullish momentum, entering a consolidation phase between $93K and $97K.
A noticeable bearish divergence between the price and the RSI indicator suggests that sellers are gaining strength. This further supports the likelihood of a short-term correction. As it stands, a consolidation or minor retracement within the $93K–$97K range is the most probable scenario before the market gains enough momentum to breach this resistance.
On-chain Analysis
By ShayanMarkets
While Bitcoin consolidates at a key level, analyzing futures market metrics offers valuable insight. The chart displays the BTC/USDT Binance liquidation heatmap, highlighting major liquidity pools that could attract price movement.
As shown, two significant liquidity zones exist—one above the $97K level and another below $93K, both near the current price. These areas are likely targets for smart money to trigger liquidations of retail traders. A breakout beyond either threshold could lead to a liquidation cascade and amplify the subsequent move.
Given the market’s overall bullish bias, a temporary dip below $93K remains possible before Bitcoin attempts a breakout above the $97K resistance.
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
