Bitcoin “likely” faces rejection at a key level even if it reclaims $100,000, a new analysis said.
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 (BTC) 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 presidential inauguration, 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 said.
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 said 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 thisisn’tt 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.