Bitcoin (BTC) Takes a Pause After a Bullish Surge: find our complete analysis and the current technical outlook.

Bitcoin has consolidated around $94,192 since its surge on April 23, initiating a notable recovery.

Bitcoin (BTC) took a pause for consolidation after a bullish surge, aiming for new highs in 2024. The weekly change was +0.53%, marking a slowdown after the strong +10% rebound the previous week, as the market took a breather.

Weekly volumes decreased to $32 billion (-28%), reflecting a slowdown in activity. Trends remained bullish on all three horizons: long term (SMA 200) with intact momentum, medium term (SMA 50) in a bullish reversal, and short term (SMA 20) confirming a recent bullish trend. However, momentum was declining, calling for short-term caution.

Bitcoin Technical Levels (BTC)

Bitcoin was trading between key technical levels. Major resistances were between $99,000 and $100,000, extending to $102,500, critical distribution zones. Main supports at $91,700 and $82,800 were defense and probable accumulation zones.

The recent break above $88,745 on the daily chart relaunched a bullish bias. The monthly pivot at $88,177, now below price, confirmed this positive momentum.

In volume, the high value area at $96,500 marked an upper equilibrium boundary, while the low value area at $67,340 (easily covered by FIB levels) represented a threshold for imbalance in case of a pullback.

Market Sentiment

Market sentiment remained marked by greed, confirming a return of risk appetite. Bitcoin spot ETFs recorded significant net inflows, highlighting institutional support for the ongoing trend.

The current technical analysis was conducted in partnership with Elyfe, and 0xhugzer, investors and educators in the cryptocurrency market.

Derivatives Analysis (BTC/USDT)

Market sentiment indicators remained neutral and uncommitted. Open interest was stable, reflecting limited speculative positioning and no marked conviction. The CVD showed balanced buying and selling flows, with no clear directional signal. Liquidation levels remained low, unbiased, and without signs of capitulation. Finally, the funding rate was neutral, close to balance, indicating a market without apparent tension between buyers and sellers.

The main liquidation zones for short positions were between $98,000 and $100,900, then between $107,200 and $110,551. Breaching these critical levels could strengthen a bullish acceleration. Conversely, buyer liquidation zones extended from $92,600 to $89,300, then between $88,500 and $87,700, as well as at $85,570, and finally between $84,000 and $80,000, the latter range representing a strategic threshold in case of prolonged correction without buying support.

Bitcoin (BTC) Price Forecasts

Bullish Scenario: A breakout above the $99,000 resistance could propel Bitcoin towards the next key resistance at $102,500, with potential intermediate pivots at $99,900 and $100,900.

Bearish Scenario: A break below the $91,700 support could lead to further declines towards the next support at $82,800, with potential pivots at $88,745 and the monthly pivot at $88,177.

Comment: The bias currently remained bullish, but macroeconomic indicators (FOMC conference, FED interest rate decisions, etc.) will be decisive in validating this scenario.

Conclusion

Bitcoin maintained a bullish momentum, despite a pause after its recent surge. The momentum was slowing down and activity was declining, calling for short-term caution.

Sentiment remained favorable, supported by investor interest, in a stable market. Short-term future variations will depend on the expected economic news.

In this context, it will be essential to closely monitor price reactions at strategic levels to confirm or adjust current forecasts.

Finally, let us remind you that these analyses are based solely on technical criteria, and that cryptocurrency prices can rapidly change depending on other more fundamental factors.

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