Bitcoin price in the last 24 hours characterized by intensive variability Because it affected both the lower and upper ends, respectively 98,380 USD and USD 103,369. The technical analysis of the Bitcoin price price at the weekly time of the candlestick shows that they are leading cryptocurrency is on the way to the price destination $ 117,000.

The analyst on the TradingView platform has he outlined a detailed road map When traveling Bitcoin to this price in the amount of USD 117,000, emphasizing the series of key price zones and market cycles to be careful.

Jusiness and resistance levels on the way to $ 117,000

The analysis of technical trends shows that Bitcoin has traded in a channel growing in a weekly candlestick time from 4,2024, with a price constantly climbing in the channel. As shown in the chart below, the most The last 7-day candlestick is bearpushing Bitcoin to the re -central line of this growing channel. This bear reflects fleeting pressure for sale, but is consistent with a wider pattern of corrections under the general valuation.

From now on, a reflection is expected that would make Bitcoin be in the next movement towards the upper trend line. Interestingly, the transition towards the upper resistance zone puts a target price of approximately USD 117,000, which means a significant milestone for Bitcoin. Nevertheless, there is a potential risk of decline, and the journey to USD 117,000 should not be linear.

According to the Bitcoin analyst, it may witness the withdrawal of the zone between USD 95,000, USD 97,000 and USD 100,000, which can act as a consolidation region before Bitcoin resumes its trajectory up. This zone coincides with previous levels of support and trend line, which further strengthens its importance as a key area for accumulation and stability. The harmonic projection tool of Fibonacci also suggests dragging the range from 97,000 to 95,000 USD “Healthier configuration” for a lasting rally.

In addition, fleeting resistance of nearly USD 108,000 may also sluggish down Bitcoin climbing. This level is even more noteworthy, considering the fact that it is currently the highest in history It would have to be exceeded. The overall long -term structure remains stubborn, even with potential withdrawal, with higher levels and higher minimals in the road map up to USD 117,000.

Bitcoin market cycles in many time frames

The analyst also checked Bitcoin market cycles in various time frames. The Bitcoin daily chart is currently in cycle 2, which the analyst describes as a phase with a miniature purchase rush. Entering at the current level has a higher risk, and cycle 1 would have to return to the entrance point. The weekly time frame also reflects cycle 2 at the top of the chart. This placement often goes into cycle 3, which can lead to significant price movement up or down.

In a two -week time, cycle 1 is present, but it is also set upstairs, which is also not a good entry point. However, removing the last sales signal suggests that the immediate risk of bitcoins a decrease below $ 97,000 has decreased, But it didn’t end.

At the time of writing bitcoin trades for USD 102,700 and increased by 4% in the last 24 hours.

A distinguished painting from Istock, chart from tradingview.com