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Bitcoin (BTC) continues to move within its one-week range after recovering from its recent drop to $91,000 but has failed to reclaim support above the $98,000 mark. Some analysts consider that BTC’s sentiment will remain neutral while it regains this support zone and builds up momentum toward a new high. Related Reading Ethereum Holds ‘Bounce Or Die’ Level: Rebound To $4,000 Could Be Near 1 day ago Bitcoin Price Stability Could Lead To $101K Reclaim
Following the start-of-February market correction, Bitcoin has been moving within the $96,000-$99,000 price range. The flagship cryptocurrency has recovered from its momentary fall to $91,000 and found support within its one-week range, only dropping 2% during this Sunday’s market retrace.
The largest cryptocurrency has been hovering between $90,000 and $108,000 since the US Elections pump, moving in the mid-zone of its four-month price range for most of this period.
Crypto analyst Rekt Capital pointed out Bitcoin’s positive performance, as it “continues to enjoy price stability” above a diagonal trendline support, a previous one-month downtrend line, broken during the latest all-time high (ATH) breakout. Bitcoin holds a diagonal uptrend line. Source: Rekt Capital on X
Since the DeepSeek-triggered correction, Bitcoin recorded price advances “that have been quickly getting canceled out, as evidenced by the recent upside wicks.” However, BTC’s price continued to hold the diagonal trendline as support over the week, which is necessary to build further momentum.
According to the analyst, “As long as it continues to hold, the price will be positioned for a revisit of $101k over time.”
After its most recent price action, BTC needs to reclaim the $97,700 mark to “build on this reversal with additional follow-through.” To achieve this, the flagship cryptocurrency must print a daily close above this level and reclaim it as support to build on its momentum toward the $101,000 resistance. BTC Remain Bullish in Higher Timeframes
Daan Crypto Trades highlighted BTC’s range hasn’t changed, as it continues to move sideways while many altcoins have been losing ground. According to the X post, Bitcoin is consolidating while attempting a breakout on the lower timeframes.
If the flagship crypto reclaims the highs from last week’s initial bounce, above the $100,000 barrier, BTC’s market structure will flip around. Daan stated BTC’s momentum is “pretty neutral” in the short term while bullish in the higher timeframes.
Additionally, he pointed out that risk on sentiment will return once Bitcoin goes back into price discovery. According to Rekt Capital, BTC’s Second Price Discovery Uptrend should come in the next few weeks, as the cryptocurrency is trying to “trend reverse out of its 1st Price Discovery Correction,” which started in December. Related Reading Can Bitcoin Hold $97K? – 1-3 Month Holders’ Data Reveals Crucial BTC Demand 1 day ago
Bitcoin has historically begun its second leg up around the 16th week of its Post-Halving Parabolic Phase, suggesting Bitcoin could start its next run to new highs soon. Moreover, February has also been a historically positive month for the flagship crypto.
Several analysts have pointed out that BTC’s post-halving year performance has generally been favorable during Q1, generally struggling throughout the first few weeks of the year but gaining momentum throughout February and March.
As of this writing, Bitcoin trades at $96,091, a 1.2% decrease in the daily timeframe. Bitcoin’s performance in the one-week chart. Source: BTCUSDT on TradingView Featured Image from Unsplash.com, Chart from TradingView.com