Bitcoin risks weeks of sideways moves amid $102K 'rejection' warning
Bitcoin ( BTC ) “likely” faces rejection at a key level even if it reclaims $100,000, new analysis says.
In an X post on Jan. 16, trading resource Stockmoney Lizards warned that BTC/USD has weeks of rangebound trading left.
$102,000 “hardest nut to crack” for BTC price
Bitcoin bounced firmly from two-month lows this week, but for Stockmoney Lizards, bulls are far from out of the woods.
Examining short-term BTC price action, it concluded that despite fresh taps of the $100,000 mark, the real resistance zone slightly higher up was in no mood to shift.
“BTC is entering a resistance zone (upper channel level),” it wrote alongside the 4-hour chart.
“Fibs are drawn here and should guide future short-term PA: 1. 91 -92k is the high volume lower support level (1.618 Fib Extension) 2. If BTC moves higher, the previous high at 102k will be the hardest nut to crack.”
BTC/USDT 4-hour chart. Source: Stockmoney Lizards/X
BTC/USD circled $99,000 at the time of writing, per data from Cointelegraph Markets Pro and TradingView , still buoyed by positive US inflation reports .
Despite the upcoming Presidental inauguration, however, Stockmoney Lizards saw little chance of a genuine bull market comeback in January.
“Conclusion: A rejection from here is likely, we expect BTC to continue trading in the 90 - 100k range in the next weeks,” it summarized.
BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
Others saw similar difficulties with $102,000, among them the popular X trading account currently known as BigMike7335.
“$BTC must flip $102k into support to remove us from the threat of the triangle IMO,” it stated about 12-hour timeframes alongside a chart with various trading indicators.
BTC/USD 12-hour chart. Source: BigMike7335/X
Bitcoin traders call time on bear pattern
More optimistic takes, meanwhile, focused on the invalidation of a bearish head and shoulders uptrend reversal pattern on the daily chart.
Related: Bitcoin inflows under Trump spark new $249K BTC price target for 2025
“And just like that, head and shoulder breakdown sellers completely and utterly rekt,” fellow trader Bluntz announced to X followers.
BTC/USDT perpetual swaps 12-hour chart. Source: Bluntz/X
For Tony “The Bull” Severino, the pattern had likewise become irrelevant.
“How many right shoulders need to fail before the market realizes this isn't a head and shoulders top in Bitcoin?” he queried .
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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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