Bitcoin’s Make-or-Break Moment: Will It Hit $98.5K or Crash to $89K?

Daily Chart Overview

• Bitcoin reached $109,356 before dropping to $89,164 and consolidating around $96,000.

• Strong support between $89,000 and $91,000, resistance at $109,000.

• Volume decline on the pullback means selling pressure is exhausted.

• If Bitcoin breaks $98,500 with volume, it could go to $104,000 – $109,000.

• Failure to hold current levels and it’s $89,000.

Four-Hour Chart Insights

• BTC recovered from $93,340 to $99,508 but couldn’t hold it.

• Resistance at $98,000 and $99,500, support near $93,000 – $94,000.

• Re-test of $94,000 – $95,000 could be a buy opportunity for those looking for $98,000.

• Below $93,000 and it’s $90,000 – $91,000.

One-Hour Chart: Short-Term Weakness

• BTC dropped from $99,508 to $94,805 and then consolidated.

• Resistance at $96,500 and $98,000, support at $94,000 – $95,000.

• Look for dip-buying around $94,500 – $95,000 with tight stop-loss.

Indicators Signal Mixed Outlook

• Relative Strength Index (RSI): 44 (neutral)

• Stochastic: 45 (neutral)

• Commodity Channel Index (CCI): -100 (neutral)

• Momentum Indicator: -932 (slightly bullish)

• MACD Level: -848 (bullish crossover potential)

• Moving Averages:

  • Short-term bearish: 10-Period EMA ($96,599), 20-Period SMA ($96,601)

  • Long-term bullish: 100-Period & 200-Period MAs support higher targets

Bull & Bear Verdicts

Bull Case: Potential for $109K Rally

• Holding above $94K is key for further up

• MACD and momentum indicators suggest reversal

• Break above $98,500 and it’s $104,000 – $109,000

Bear Case: Risk of Drop Below $89K

• Failure to sustain gains suggests ongoing selling pressure

• Break below $94K could push BTC toward $89K

• Dominance of sell signals across multiple moving averages

Final Outlook

Bitcoin’s immediate trajectory hinges on whether it can reclaim $98,500 or succumb to renewed selling below $94,000. Traders should monitor volume levels closely to confirm the next major move in BTC’s price action.