Bitcoin ($BTC), the top cryptocurrency, is going through a crucial technical phase amid the latest price consolidation. Bitcoin is consolidating below its key resistance level after a 25% spike from recent price lows while moving toward $100K as its upcoming price target. A crypto analyst took to social media to share insights into Bitcoin’s journey toward the $100K mark while it experiences consolidation.
Bitcoin Gears Up for $100K as Price Consolidates Below Notable Resistance Region
World of Charts points toward the present consolidation phase of Bitcoin ($BTC) below a key resistance region. This development is reportedly occurring after a notable surge of 25% from the recent price lows. This increase accounts for nearly $19,474 in value. This development signals a strengthening position of Bitcoin for a likely major move in the near future. In this respect, the key crypto asset is potentially gearing up for the next rally to $100K.
At the moment, Bitcoin is changing hands at $94,685.48, expressing a 0.36% decrease in its price over 24 hours. Apart from that, the 24-hour volume of Bitcoin shows a 21.08% decline at $24.94B. Nonetheless, during the past seven days, $BTC recorded a 0.53% price rise. Additionally, the 1-month performance of the crypto asset denotes a significant 15.31% price upsurge.
Top Crypto Asset Could Also Witness Pullback
According to World of Charts, following the above-mentioned explosive price spike, Bitcoin is now facing a noteworthy resistance around $95,000. This hints toward either a pullback or a breakout. The resistance region parallels historical rejection levels, highlighting its significance. Hence, in one scenario, Bitcoin could jump to $100K as its immediate price target. Nevertheless, in the alternative scenario, Bitcoin could face a correction to the $86K-$88K zone.
