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The bitcoin bulls are Trying to push higher From just under $ 97,000, trying to confirm the latest breakout above a range of aggregation for many days. After stopping close to $ 95,000 for more than a week, Bitcoin exploded for $ 97,000 before upside down and formed a fair amount of value.
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This led to a advanced activity in the Blockchain of Bitcoin, and the next perspective was if the current Structure holds for a continuation at $ 100,000 or if this momentum can weaken in a resistance zone.
Bitcoin reached a 6-month peak in network activity
One of the most prominent transfers to the dynamic markets comes from the on-chain side. According to Crypto Analyst Ali Martinez, Bitcoin Only recorded its highest number of active addresses in the past six months. As shared in a post on the Social Media X platform, Martinez noted that 925,914 BTC addresses are active within a day, which is unusual high level of contact In Bitcoin Blockchain.
The accompanying glassnode chart shows how steep this climb, the formation of a gradual climb that began in the last week of April. Notably, the spike in bitcoin activity coincides with the recent reclaiming of $ 95,000 price ranges.
Adding to bullish case, crypto analyst tehthomas shared an engaging Technical examination pointing to a breakout Continuing towards $ 100,000. The interpretation of the BTCUSDT 4 hours time shows the almost identical structure to the one visible in mid -April.
After that, Bitcoin was combined near $ 86,000, exploding, left in a fair amount of value (FVG), retired the space, and raw about $ 10,000. An image of the mirror of this pattern is currently present. The price of bitcoin compressed below $ 95,000, destroyed resistance, and created a fresh FVG between $ 94,200 and $ 95,000.
Tehthomas noted that the key is not chasing the breakout but wait for a clean retest of the new FVG. If consumers are defending that area as they did earlier this month, the road to $ 100,000 is a structure that is not intact. However, even if the structure is currently favored by bulls, the situation can be bearish if Bitcoin returns to the old range below $ 94,000.
Chart from TradingView
Bearish Golden Pocket Setup features risk ahead
Not all analysts are convinced That bitcoin will reach $ 100,000 again without shakeout first. A counterview to The TradingView platform features a possible short-term bearish setup based on the BTCUSDT 15-minute chart.
According to the analyst, the current upward retirement appears to be corrected rather than impulsive, forming a classic short setup within a strong fair amount of space resistance. The technical examination shows that Bitcoin has withdrawn from a region aligned with a bearish fair value interval and the golden pocket zone defined by 0.618 to 0.65 Fibonacci levels.
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Like standing, the fair value gap is seated between $ 97,000 and $ 97,450. Should the price fail to break this supply region, it can reverse and catch the bulls.
Chart from TradingView
At the time of writing, Bitcoin traded at $ 96,040.
Featured image from UNSPLASH, chart from tradingview
