Bitcoin (BTC) has crossed the significant $91,000 mark, impacting Ethereum and Dogecoin. Amidst the US military intervention in Venezuela, the crypto market shows unexpected resilience. Is this bounce a precursor to a massive run towards $100,000, or a trap for bulls?
Against all expectations, the crypto market and Bitcoin did not succumb to panic following the announcement of US action in Venezuela and the arrest of President Maduro. After a brief wick down to $89,000, Bitcoin violently rebounded and is currently trading around $91,300. This “buy the news” movement demonstrates massive buying strength, with investors potentially viewing BTC as a safe haven asset amid instability in South American fiat currencies.
Currently, BTC faces immediate resistance around $92,000. A clean breakout above this level would open the path swiftly toward $96,000, the final stage before the mythical $100,000 mark. Conversely, indicators like the RSI are climbing back into neutral-bullish territory, suggesting the move still has fuel before reaching a critical overbought zone.
However, as trader Killa points out, the delta has flipped positive, indicating that longs are dominating. And during previous months, this shift has always been followed by a bearish reversal. Indeed, this indicates that traders are chasing price with late longs, increasing the risk of liquidations.
Therefore, the $87,000 zone must be monitored and maintained. Indeed, a 9-hour order block has appeared, indicating strong buying pressure this weekend. A return to this level would present a buying opportunity.
The leader is dragging the rest of the pack into this rally. Ethereum (ETH) has regained color, climbing nearly 1% to recapture $3,150. The market structure on Ether shows an attempt to break out of its range, with eyes fixed on the key resistance at $3,200. If ETH manages to transform this level into support, a return toward $3,500 could happen quickly.
Meanwhile, Dogecoin (DOGE) is outperforming with a rise of approximately 29% from its low, benefiting from risk appetite returning to the market. Solana (SOL) is keeping pace, displaying a price of $134, confirming that capital is once again flowing toward the most liquid large caps.
If Bitcoin manages to close the day (daily close) above $91,500, the bullish scenario will take over with a short-term target of $96,000. However, traders must remain vigilant: a rejection below $91,000 combined with deterioration of the situation in Venezuela could send the price back to test liquidity below $84,000, invalidating the short-term trend.
With Bitcoin consolidating above $91,000, momentum appears clearly oriented to the upside. Is this the ideal moment to strengthen your positions before the next breakout toward $100,000, or should we wait for a return to $87,000?
Related articles:
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
DISCLAIMER
This article is for informational purposes only and should not be considered as investment advice. Trading cryptocurrencies involves risks, and it is important not to invest more than you can afford to lose.
InvestX is not responsible for the quality of the products or services presented on this page and cannot be held liable, directly or indirectly, for any damage or loss caused by the use of any product or service featured in this article. Investments in crypto assets are inherently risky; readers should conduct their own research before taking any action and invest only within their financial means. This article does not constitute investment advice.
Risk Warning : Trading financial instruments and/or cryptocurrencies carries a high level of risk, including the possibility of losing all or part of your investment. It may not be suitable for all investors. Cryptocurrency prices are highly volatile and can be influenced by external factors such as financial, regulatory, or political events. Margin trading increases financial risks.
CFDs (Contracts for Difference) are complex instruments with a high risk of rapid capital loss due to leverage. Between 74% and 89% of retail investor accounts lose money when trading CFDs. You should assess whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Before engaging in financial or cryptocurrency trading, you must be fully informed about the associated risks and fees, carefully evaluate your investment objectives, level of experience, and risk tolerance, and seek professional advice if needed. InvestX.fr and the InvestX application may provide general market commentary, which does not constitute investment advice and should not be interpreted as such. Please consult an independent financial advisor for any investment-related questions. InvestX.fr disclaims any liability for errors, misinvestments, inaccuracies, or omissions and does not guarantee the accuracy or completeness of the information, texts, graphics, links, or other materials provided.
Some of the partners featured on this site may not be regulated in your country. It is your responsibility to verify the compliance of these services with local regulations before using them.
