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Bitcoin’s transactions confidently exceeded $100,000, recently marking a local high of nearly $104,300. After months of volatility and uncertainty, the Bulls now firmly control the dynamics of the entire wider cryptocurrency market. As BTC approaches the key supply levels seen last time at its previous all-time high, it is optimistic that this breakthrough may be the beginning of a sustained movement.
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The entire market seems to be waking up, with altcoins following Bitcoin’s lead and liquidity flowing into risky assets. Traders are watching closely to see if BTC can sustain that power and convert $100,000 into reliable support.
Top analyst Big Cheds shared a technical update highlighting the current 4-hour chart structure and noted that BTC showed bullish mergers. This pattern usually indicates continuation, as the price compresses below the resistor before attempting to break through. There are no signs of exhaustion in the setting yet, indicating that Bitcoin may have more room to run, especially if the Bulls can stay motivated throughout the weekend.
Key resistance to Bitcoin tests on bullish momentum
Bitcoin has soared its strength over the past few days, breaking through multiple resistance levels and recovering its $100,000 mark with belief. Now, BTC is trading near $104,000, facing a critical resistance zone that can determine whether the rally continues to reach a new historical high or stops mergers. This level coincides with the upper boundary of the previous supply zone and has become the focus of the bulls and bears.
Although price action is obviously still bullish, macroeconomic conditions still pose risks. Ongoing global uncertainty, concerns about inflation and strict monetary policies of central banks may weigh risky assets in the near term. If the emotional shift or external shock occurs in the market, Bitcoin may experience a pullback despite the strong structure recently built.
Cheds provides insights into Bitcoin’s current settings, highlighting the 4-hour chart showing “high and tight” bullish consolidation, a classic continuation pattern. According to Cheds, this formation reflects strength, as BTC merges at higher levels rather than backing, which suggests that the buyer is still in control and absorbs any selling pressure.
If Bitcoin can push it higher than the $104K trademark quantity, the next logical goal will be a retest with a previous all-time high of around 109K. However, traders should be cautious. Despite bullish technical settings, short-term volatility and external market risks can still lead to sudden reversals.
For now, Bitcoin has a bullish bias, and as long as it continues to consolidate over $100,000, can keep higher sustained situations intact. The next few meetings are crucial to determine if BTC has the power to burst or it takes more time to build.
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Price analysis: Form a bullish structure
Bitcoin is currently trading just above $103,000, and it has aggregated after marking the $104,300 level earlier in the day. Price action confirmed that the Bulls firmly controlled the level with intensity compensation amounts and cleared multiple layers of resistance. However, the chart shows that BTC is now testing the main supply zone between $103,000 and $1.036 million, which is the level used as resistors before January and February.
The number has surged in recent days, marking the strong demand behind this breakthrough. Still, the latest candles show long wicks, suggesting short-term sales pressures when BTC faces overhead resistance. If the Bulls manage to push $1.036 million higher at a consistent amount, it could see an all-time high of $109K.
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On the downside, the $101,000 level is now available for immediate support. Below this, the $95K and $90K zones (formerly merged zones) can provide additional structural support. The daily 200-day simple moving average (SMA) is $91,227 and the 200-day exponential moving average (EMA) is $87,004, which is well below the current price, enhancing a strong bullish trend.
Featured images from DALL-E, charts from TradingView
