“JinaCoin,” Japan’s leading cryptocurrency media, analyzes Bitcoin market trends.

Bitcoin (BTC) Technical Analysis

Yesterday, Monday the 2nd, Bitcoin’s price dropped by 1.43%. While it briefly surpassed $98,000, it faced resistance from the ascending parallel channel on the monthly chart, keeping upward momentum in check. The bottom price hovered around $94,400, supported by the short-term moving average, helping maintain the price level.

Bitcoin, which had been steadily rising, was said to be on the brink of reaching $100,000. However, it is now experiencing consolidation near $98,000, where a strong resistance line at the monthly level overlaps. With signs of lower highs forming, it may be necessary to prepare for a potential temporary decline.

On the 4-hour chart, it is expected that the horizontal line near the previous low of $95,000 will play a crucial role as support.

As for the near-term trading strategy, if the bulls push the price higher, there is a high likelihood of breaking through the strong resistance line at the monthly level, potentially achieving $100,000 by the end of the year. Conversely, if the bears drive the price down to around $92,000, a complete double top (a bearish signal) could form on the daily chart. In that case, it suggests the possibility of entering a prolonged weekly-level correction phase and delaying the timeline for reaching $100,000.

What is JinaCoin?

JinaCoin is a leading cryptocurrency media platform in the Japanese market, operated by Jaybe Co., Ltd. It provides reliable news, in-depth analysis, and expert opinions related to the latest blockchain technologies and cryptocurrencies. By accurately tracking industry trends and delivering valuable information, JinaCoin supports informed decision-making for cryptocurrency investments. With a strong focus on technological innovation and investor protection, JinaCoin contributes to the growth of both the Japanese and global cryptocurrency communities.