Bitcoin Flashes Bullish Signal : Is the Next Leg of the Rally Starting Now ?

Cautionary Bullish Trend

In the short term (1-hour chart), Bitcoin is currently trading in a consolidation zone below the symbolic $95,000 mark. The candles show market hesitation, with several doji and small red candles indicating increasing uncertainty among investors.

The decrease in trading volumes confirms a slowdown in buying momentum, suggesting potential challenges in surpassing this key level. Buyers might consider strategic entries around intermediate support levels between $92,500 and $93,000. However, a sustained drop below $93,000 would likely lead to a shift towards a bearish sentiment.

Expanding the analysis to the 4-hour chart, Bitcoin displays a well-defined bullish trend. The technical structure of higher highs and higher lows indicates a healthy and bullish market. However, a significant volume spike near $94,000 suggests profit-taking by major investors, potentially leading to a temporary consolidation phase.

Considering purchases around $91,000 to $92,000 seems appealing, with realistic targets set at $96,000 and then $98,000. Caution is advised as certain candles indicate potential short-term bearish reversals.