Bitcoin (BTC) faced persistent horizontal resistance on Friday, with $94,000 being the next target for bullish traders.
Key points:
Bitcoin continues to test known resistance levels as optimism about market stability grows.
The recent dip was attributed to “manipulative” influences, according to analysts.
Gold approaching new all-time highs poses an “extremely bearish” macro challenge for Bitcoin.
BTC price: Days or weeks until “upward breakout”
Data from Cointelegraph Markets Pro and TradingView indicated fluctuating BTC price movements following a peak at $95,500 the previous day.
Facing various resistance levels on the daily chart, BTC/USD prepared for what some believe will be a breakout.
“Bitcoin is in a volatile phase. Illiquid markets contribute to rapid price fluctuations for $BTC,” noted crypto trader, analyst, and entrepreneur Michaël van de Poppe in his latest analysis on X.
“Nonetheless, I anticipate a new upward breakout in the coming days to weeks.”
However, earlier attempts at upward moves failed to convert resistance levels in December, and trader Daan Crypto Trades noted the 200-period simple and exponential moving averages on the four-hour chart as additional barriers.
“Consolidating near its 4H 200MA/EMA & The ~$94K horizontal resistance, which has been the range high for the past few weeks,” he summarized.
“This is the crucial area for Bitcoin to break in order to shift momentum in favor of bulls in the short to mid term.”
Despite the general stagnation, van de Poppe asserted that there is a lesser likelihood of a significant market pullback now.
“Higher lows signify a stronger structure, indicating an uptrend is forming. Prices no longer break down, and my overall view is that the recent sharp correction was largely manipulative rather than organic,” he remarked.
Gold approaches new records
As the Federal Reserve’s interest-rate decision settled, US stocks, alongside crypto, experienced some losses from their recent highs after the Wall Street opening.
Related: Bitcoin new year bear flag sets $76K BTC price target next
The S&P 500 was within 20 points of reaching new all-time highs but fell 0.35% on the day, while gold moved toward $4,400 per ounce.
“Gold is nearing a new record high,” trading resource The Kobeissi Letter reported, highlighting gold futures’ impressive 65% year-to-date returns.
At the start of December, Bitcoin recorded its lowest values against gold since early 2024.
Jeremy Batchelder, co-founder of the crypto automation platform Glyde, cautioned that gold’s robust performance could obscure the outlook for crypto.
“Gold is on the verge of reaching new highs. Silver is hitting new highs every day,” he shared with his X followers.
“This is very bearish for Bitcoin. We need the metals to stabilize before the crypto bull run can commence.”
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegram does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
