BTC’s $98K Balancing Act: Will Bulls or Bears Steal the Show? 🚀📉

by

Ah, Tuesday saw the price of Bitcoin break free from the $94,500 horizontal resistance, a feat that would make even the most stoic of traders giddy with delight. The bulls, emboldened by this breakout, surged forward like a well-dressed gentleman charging into a crowded ballroom-only to find themselves tangled in a skirmish with the bears, who, bless their grumpy little hearts, refused to let the price ascend beyond $98,000. One might wonder: will the bulls muster the vigor to scale the $100,000 summit, or will the bears drag them back down for a retest of the breakout? A drama as thrilling as a pheasant chase at Blandings Castle! 🐄🐻

Upside price momentum starting to falter?

Perusing the short-term chart for $BTC, one might imagine the breakout is as spent as a vicar’s patience at a parish bazaar. The trendline, once a noble steed, now lies broken, trampled by a red candle that descended below it like a poorly timed joke at a dinner party. The subsequent green candle, attempting to rally the troops, merely brushed the underside of the trendline and confirmed the breakdown. A rather undignified collapse, if you ask me. 📉

Could this trendline still be reclaimed? Perhaps! Like a lost monocle in a haystack, it’s not beyond the realm of possibility. A candle-or two-might yet leap above the line, transforming this breakdown into a mere pretense. But until such a miracle occurs, the bulls are left fumbling for their pocket squares, hoping to regain their footing. 🧦

As things stand, the bulls are attempting to get back on track again, and it just remains to be seen if they can do so. The measured move out of the bull flag has already been hit, so probably the best outcome, at least until short-term momentum can reset, is for a rise to around $100,000. Although a decent pullback from there might be expected before the price goes higher.

RSI 14-month downtrend breakout

The daily chart reveals the $BTC price barreling toward the resistance band of $99,000 to $101,000, a stretch that would test the resolve of even the most ardent optimist. One wonders: will the price retreat like a dog refusing a bath, or will it surge past this barrier and consolidate like a newlywed at a country house party? And what of the fabled $108,000 horizontal resistance? A mere suggestion, no doubt, but one that looms as tantalizingly as a cream tea at the end of a long walk. 🍞

Will it reach these lofty heights? The RSI, that ever-reliable oracle, suggests it might. Since November 2024, it’s been in a downtrend as dreary as a London fog. Yet, with the breakout of the ascending triangle and the $94,500 resistance, the RSI has finally escaped its downtrend cage, fluttering upward like a startled sparrow. If this flight proves successful, one might dare to imagine a rally so grand it could make Jeeves weep into his hanky. 🐦

Stochastic RSI on 2-week time frame suggests huge rally has begun

The 2-week chart for $BTC is a tale of triumph, where every Stochastic RSI cross-up of the indicator lines heralds a rally as grand as a royal wedding. In early December, the blue fast line crossed the orange slow line like a suitor securing a dance at the Ritz. Now, the weekly indicators have just crossed the 20.00 level, and when the 2-week lines follow suit, the price may soar back to the 8-year trendline. A bear market relief rally? Hardly! This is more the work of a bullish impresario staging a production worthy of the Savoy Theatre. 🎭

Read More

2026-01-15 14:13