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Bitcoin Bulls Await a Breakout Past $100K – Here’s Why
Bitcoin has been stuck in a narrow range, unable to breach the crucial $100,000 (100K) resistance level. Despite facing stiff opposition from bears, Bitcoin bulls are optimistic that a breakout past this threshold is imminent. In this article, we will examine the reasons behind their confidence.
Firstly, it’s essential to acknowledge the significant resistance faced by Bitcoin at the 100K mark. The price has repeatedly been rebuffed at this level, with short position takers defending it vigorously. However, some analysts believe that a decisive break above this barrier could lead to further gains.
One factor contributing to the growing optimism among bulls is the head-and-shoulders pattern that has been observed on Bitcoin’s price chart. While a bearish setup could potentially push the price down to $78,000, it remains invalidated until a decisive break below the neckline occurs. For now, the focus must be on clearing this crucial resistance.
On-chain metrics have also emerged as a bullish sign. A consistent decline in exchange reserves and reduced inflows indicate that fewer tokens are being sold, and more investors are opting to hold onto their Bitcoin. This shift in sentiment could lead to increased buying pressure, ultimately driving the price higher.
The decreasing inflows reported by CryptoQuant further solidify this argument. It suggests that less Bitcoin is being transferred to exchanges, which aligns with a growing bullish outlook.
While uncertainty remains as Bitcoin’s next move will be determined by its ability to overcome the 100K resistance level, these on-chain data points suggest that sentiment has shifted in favor of bulls.
Source: ambcrypto.com
