Bitcoin Breaks Resistance After Market Pump: Fake Move or Start of a Bigger Rally

Hello everyone,
How are you? I hope everyone is fine and doing great in their life.

The crypto market witnessed a sudden pump of around 8 to 9 percent in top tier tokens like Bitcoin and Ethereum, while altcoins pumped by approximately 20 percent in the last two days.

Since the market moved up very quickly, let us try to understand whether this is just a fake move or if there is something technically strong for future price movement.

In the screenshot below, you can see the chart that I share regularly in my analysis. This is the same chart I am going to refer to in this blog to understand the current market situation using technical analysis on the Bitcoin price chart.

In the screenshot, you can see that we are currently trading above the pink resistance line. This is the same resistance that I discussed in my last few blogs. That resistance was around $93,700, and it has now been broken. However, the most important thing to observe is whether Bitcoin can hold a daily close above this level or not.

At the moment, Bitcoin is trading around $96,700, but if we are able to get a daily close above $93,600, then the price can accelerate further and move toward the next resistance, which is around $99,600. From there, the price could climb even higher.

On the other hand, if this pink level is lost and Bitcoin starts trading below it again, then the market could move in the opposite direction. In my opinion, the market is likely to perform better in the coming days.

13% possible move in coming days, if we respect the pink support.

This is usually the phase where people stop talking about the market, and that is often when market makers and whales push the price to attract traders who already gave up.

I have mentioned this many times before, and I still believe that Bitcoin has not yet made its top in this cycle. I am personally looking at a range between $130,000 and $140,000, as that is where my prediction lies.

For now, let us hope that the market is able to sustain this price level. Supporting indicators like the fear and greed index are also improving, and the market is slowly moving above neutral conditions, which is something we need to see for healthy continuation.

We are breaking after 9 weeks.

There is also a weekly time frame chart to consider. If Bitcoin is able to sustain above $93,600 for another week, then we could be targeting $104,000 on the weekly time frame. That would be a very positive sign for Bitcoin and for the overall crypto market.

What are your thoughts on the current market situation? Do let me know.

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