Bitcoin stands at an important technical juncture. Price is squeezed between the resistance of the neckline at around $94,000 and an upward-sloping support line.

On the 8-hour chart, BTC is creating higher lows, a sign of easing selling pressure as buyers take control little by little. The rising trendline has served well over the last few weeks as a strong demand area, has been tested several times, and has held firm.

The move toward the $93,400-$94,000 area is the most important. That zone used to be a strong supply area, where sellers kept pushing the price down, so breaking above it cleanly is important for a continued uptrend.

If this level is closed above with good volume, it could open the way to $105,000-$108,000. According to analysts, this could bring more buying back in, investors on the sidelines jumping in, and also some short positions unwinding, helping the price climb higher.

Source: X

Also Read: Bitcoin’s 4-Year Cycle Is Dead: How $88K Signals the $619K Supercycle

Deeper Correction Targets $76K–$77K

Although the upside does look good, failure to break above the neckline could see Bitcoin pull back. A rejection here might push BTC down toward the rising trend line support near $89,000. 

If this support doesn’t hold, the risk could rise toward the historically important support level of $76,000-$77,000. This lower zone has acted as a strong place for buyers to enter at lower prices in past cycles.

The market remains neutral until Bitcoin breaks above $94,000. Traders are watching for confirmation from trading volume since weak follow-through could raise the odds of a short-term drop. 

That said, technical watchers assert that even if prices pull back, the overall trend could remain bullish as long as the long-term horizontal support holds.

Bitcoin Shows Long-Term Strength

Bitcoin has printed an even larger pattern since 2021: a long inverse head-and-shoulders. Every time Bitcoin tests important horizontal support and makes higher lows, it keeps moving through several cycles.

According to market analysis, a clean break above the rising resistance may set up a move to $180,000, which would match earlier cycle extensions. 

Source: X

However, the bullish outlook does depend on holding above these key levels. If BTC fails to hold horizontal support, consolidation might continue longer before the next big uptrend.

Also Read: Bitcoin Daily Candle Shows Indecision with $93,000 Target in Sight