Bitcoin is currently trading around $85,500, maintaining short-term bullish momentum within a well-formed ascending structure on the daily chart. The price is now entering a mid-phase rally, with a clear target of $98,000, a key resistance level that coincides with the upper boundary of a rising wedge formation and historical trend extension zones.
Key Technical Levels:
Immediate Resistance: $88,800 (local supply zone)
Major Target Zone: $97,000–$98,000 (macro resistance + psychological round number)
Short-Term Support: $82,000
Key Breakdown Level: $78,500
While the momentum suggests BTC may continue to push higher in the near term, the $98,000 resistance is likely to act as a distribution zone, where buying may slow and profit-taking increases. This level could falsely signal a breakout, leading to a spike in retail long positions before the market enters a longer-term correction phase.
If rejection occurs at or near $98,000, BTC could begin a multi-month correction, with the primary downside target set at $49,000 by July 2025. This level aligns with previous weekly support, volume profile lows, and would represent a typical deep retracement following a major cycle top.
Outlook:
Near-term bias: Bullish toward $98,000
Macro bias: Bearish reversal expected from resistance zone
Cycle correction target: $49,000 (Q3 2025)
Key Technical Levels:
Immediate Resistance: $88,800 (local supply zone)
Major Target Zone: $97,000–$98,000 (macro resistance + psychological round number)
Short-Term Support: $82,000
Key Breakdown Level: $78,500
While the momentum suggests BTC may continue to push higher in the near term, the $98,000 resistance is likely to act as a distribution zone, where buying may slow and profit-taking increases. This level could falsely signal a breakout, leading to a spike in retail long positions before the market enters a longer-term correction phase.
If rejection occurs at or near $98,000, BTC could begin a multi-month correction, with the primary downside target set at $49,000 by July 2025. This level aligns with previous weekly support, volume profile lows, and would represent a typical deep retracement following a major cycle top.
Outlook:
Near-term bias: Bullish toward $98,000
Macro bias: Bearish reversal expected from resistance zone
Cycle correction target: $49,000 (Q3 2025)
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.