Bitcoin (BTC) has recently rebounded from the $100,000 level, raising hopes for a bullish reversal. However, traders remain cautious as this rally could be a temporary bullish trap. With key resistance levels looming near the $105,000 to $106,000 area, marketThe next move will be important in determining whether BTC can maintain its uptrend or resume its downtrend.
Possible bullish reversal after regaining $102,000
Bitcoin is showing early signs of a possible bullish reversal, according to Lennart Snyder. in post At X, Snyder highlighted that Bitcoin has rebounded from recent lows and regained the $102,000 level, showing renewed buying interest. this recovery occurs after a temporary slump, suggesting that the market may be about to stabilize before the next big move.
Snyder emphasized that it is important to maintain this momentum and establish a low near $101,400, which would push the bullish scenario towards a more sustained rally. Conversely, if maintenance is neglected, support This level is important in gauging market sentiment, as it may indicate continued bearish pressure.
Meanwhile, experts are closely monitoring the lower timeframe charts for a potential skull-long opportunity if a reversal occurs near $101,400. This tactical approach allows active traders to take advantage of short-term swings while waiting for confirmation of broader price action. bullish tendency.
The main resistance remains at $104,700, which will be the decisive level to determine the next stage of the move. A successful breakout of this resistance could pave the way for $107,500 and indicate that the bulls are regaining control. However, given the weekend, Snyder cautioned: trader Liquidity tends to decrease during this period, so you should be prepared for sudden fluctuations or false breakouts.
Bitcoin regains momentum, but $105,000 to $106,000 is key
in his latest work updatemarket expert and investor Ted Pillows noted that Bitcoin briefly dipped below the $100,000 level and then rebounded. The short-term decline highlights the ongoing uncertainty and tug-of-war between buyers and sellers at a key psychological level.
However, Ted warned that this rebound feels like a potential bull trap. Although prices have recovered quickly, the underlying momentum may still be favorable. bearsuggesting that traders need to remain cautious before assuming a sustained rally. tendency.
He stressed that further declines in Bitcoin are unlikely until it regains the $105,000 to $106,000 zone. disadvantages It remains high. Unless a breakout of this key resistance area is confirmed, the market may continue to support levels up to $93,394 and the near-term outlook may remain biased towards a possible downtrend.
Featured image from Getty Images, chart from Tradingview.com