Bitcoin Maintains Essential Support as Weekend Trading Sets In

Bitcoin Maintains Essential Support as Weekend Trading Sets In — Focus on $98,200 and $107,500

Bitcoin is currently holding steady above a crucial support level as trading over the weekend takes place, drawing attention to the price ranges of $98,200 and $107,500. Investors are closely monitoring whether the upward trend will persist or if the increased weekend liquidity might lead to a test of lower price points. The upcoming trading sessions could significantly influence Bitcoin’s short-term direction.

Key Takeaways

Bitcoin maintains crucial support levels, especially above $89,326 and $94,630.
Key price targets are set at $98,200 and $107,500; surpassing these could signal further gains.
Weekend trading may lead Bitcoin to trade within a defined range.
Traders need to monitor support levels closely to manage risks effectively.

Bitcoin

Key Support Level: $94,630 is Vital

As noted by Kamile Uray, Bitcoin is successfully staying above the support level of $89,326. As long as this level is maintained, there remains a good chance for the upward trend to continue. This area serves as an important foundation for bullish traders, ensuring that the market structure stays aligned for potential further advancements.

If Bitcoin can break through the resistance at $98,200, the next significant target becomes $107,500. A decisive move at this level could determine if the rally is coming to a close or if Bitcoin will ascend even higher. A daily closing price above $107,500 would represent the first higher high on the daily chart following the most recent downward movement, indicating a potential continuation of the bullish trend.

Bitcoin BTC’s price reflects a bullish structure | Source: Chart from Kamile Uray on X

Conversely, if Bitcoin fails to overcome resistance and dips below $89,326, the downtrend could resume. If it reverses within the support zone of $83,822 to $82,477, Bitcoin might attempt another upward move, giving bulls a chance to regain dominance. A close below $82,477 could suggest further declines, potentially testing the historical support area around $74,496 to $71,237. A confirmed reversal from this zone could indeed pave the way for a new bullish phase.

Weekend Liquidity: Expect to See Range-Bound Trading

Crypto analyst Lennaert Snyder has pointed out that Bitcoin is holding the essential $94,630 support level, which is also critical for the H4 chart. On Friday, Bitcoin retraced slightly and briefly touched this low before stabilizing, reinforcing the significance of this zone for the short-term market structure.

As the weekend liquidity takes effect, Bitcoin is likely to experience trading within a defined range until Sunday evening or Monday. For bullish traders, the strategy is to hold onto the lows while looking for a market structure break above $95,820. Once this occurs, those in long positions could aim for the monthly high of $97,960.

To capitalize on potential gains, traders might consider closing only part of their position at the monthly high, allowing 30%-40% of their investment to run in case the upward momentum continues. However, if Bitcoin fails to maintain the $94,630 support on the H4 chart and re-enters the previous range, the likelihood of further declines increases. In this scenario, traders may consider entering short positions after confirming a retest, thereby employing a systematic strategy to manage risk and potential losses.

Bitcoin BTC trading at $95,299 on the 1D chart | Source: BTCUSDT on Tradingview.com