Bitcoin’s journey to $100,000 is hitting a snag as an area of interest limits bullish demand.

Here’s a level you possibly can watch in case you’re waiting for bitcoin to moon (some more):

Bitcoin (BTC/USD) 4-hour Chart by TradingView

In case you missed it, a rejection from slightly below the large $100,000 level dragged BTC/USD back to $92,000 before the HODLers HODLed harder and pushed the pair back as much as its current $97,500 area.

Unfortunately for BTC bulls, not even end-of-month flows and uncertainty over the Fed’s next rate of interest cuts have been capable of push BTC/USD back to its record highsBTC/USD back to its record highs.

Keep in mind that directional biases and volatility conditions in market price are typically driven by fundamentals. In the event you haven’t yet done your homework on bitcoin and the U.S. dollar, then it’s time to examine out the economic calendar and stay updated on every day fundamental news!

We’re the $97,500 zone, which is correct around a mid-channel resistance within the 4-hour time-frame. It’s also not too removed from the Pivot Point line, which can attract buying or selling pressure in the subsequent trading sessions.

A rejection from the mid-channel area could drag BTC/USD back to its $92,000 previous lows and S1 (91,966) Pivot Point area. And, if there’s enough bearish momentum, BTC/USD could consistently trade below the 100 SMA and head for brand new post-record-high lows.

In fact, we are able to’t underestimate the crypto degens. Look out for BTC/USD busting through the mid-channel line, which could then attract enough bullish demand and encourage one other run for the large $100,000 level.

What do you think that? Which way will BTC/USD go?

As at all times, be careful for other top-tier catalysts that might impact overall market sentiment, and be sure that you practice proper position sizing when taking any trades!