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Is $100K The Next Target Or A Trap At The Golden Pocket?

n70products by n70products
May 5, 2025
in Bitcoin
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Is $100K The Next Target Or A Trap At The Golden Pocket?
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Bitcoin bulls are trying to push higher from slightly below $97,000, trying to verify its newest breakout above a multi-day consolidation vary. After stalling close to $95,000 for over every week, Bitcoin broke out to $97,000 earlier than reversing and forming a good worth hole. 

Associated Studying

This has led to a surge in exercise on the Bitcoin blockchain, and the subsequent outlook is whether or not the present structure holds for a continuation to $100,000 or if this momentum may falter at a zone of resistance.

Bitcoin Reaches 6-Month Peak In Community Exercise

Some of the notable shifts in market dynamics got here from the on-chain facet. In response to crypto analyst Ali Martinez, Bitcoin just recorded its highest number of lively addresses previously six months. As shared in a put up on social media platform X, Martinez famous that 925,914 BTC addresses had been lively inside a single day, which is an unusually high level of engagement on the Bitcoin blockchain.

The accompanying Glassnode chart reveals how steep this surge has been, constructing on a gradual climb that began within the final week of April. Apparently, the spike in Bitcoin exercise coincides with its current reclaim of the $95,000 worth vary. 

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Image From X: @ali_charts

Including to the bullish case, crypto analyst TehThomas shared a compelling technical evaluation that pointed to a breakout continuation toward $100,000. Interpretation of the BTCUSDT 4-hour timeframe reveals an virtually equivalent construction to the one seen in mid-April. 

Again then, Bitcoin consolidated close to $86,000, broke out, left behind a good worth hole (FVG), retested the hole, and rallied practically $10,000. A mirror image of this pattern is presently unfolding. The Bitcoin worth compressed under $95,000, broke by means of resistance, and created a contemporary FVG between $94,200 and $95,000.

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BTC is now buying and selling at $95,424. Chart: TradingView

TehThomas famous that the secret’s to not chase the breakout however to attend for a clear retest of the brand new FVG. If consumers defend that space as they did earlier this month, the street to $100,000 is structurally intact. Nevertheless, although the construction presently favors the bulls, the state of affairs may flip bearish if Bitcoin drops again into the outdated vary under $94,000.

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Chart from TradingView

Bearish Golden Pocket Setup Highlights Danger Forward

Not all analysts are convinced that Bitcoin will attain $100,000 once more with no shakeout first. A counterview on the TradingView platform highlights a attainable short-term bearish setup based mostly on the BTCUSDT 15-minute chart. 

In response to the analyst, the present upward retracement seems corrective fairly than impulsive, forming a traditional quick setup inside a robust honest worth hole resistance zone. Technical evaluation reveals that Bitcoin has retraced right into a area that aligns with a bearish honest worth hole and the golden pocket zone outlined by the 0.618 to 0.65 Fibonacci ranges.

Associated Studying

Because it stands, the honest worth hole is sitting between $97,000 and $97,450. Ought to worth fail to interrupt by means of this provide area, it may reverse and catch bulls off guard.

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Chart from TradingView

On the time of writing, Bitcoin was buying and selling at $96,040.

Featured picture from Unsplash, chart from TradingView



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