BTC - Back above $100k
2025-01-06
Category: None

After finding support in our green box BTC has finally broken back above $100k. This is just happened so we need more data to understand how the market will react to this, but in the short term here is what to watch.

For the bulls to stay in control $100k needs to be flipped into new support. If we start seeing the bulls holding price action above the liquidity zone around $99.4k then a good chance the downtrend is finished and we go to retest the highs. 

But if we start seeing sellers come in around $102k (0.618 of the current trend) and cannot support Bitcoin's price above $100k then we could get one more retest of the $93k level. 

If that bearish scenario were to play out then I don't think price would've broken $100k (unless its a wick) to create a neckline for an inverse H&S before continuation.

Since so far price has broken, that bearish scenario seems much less likely now. As price continues to develop throughout the day we will provide updates for any major developments. 