Bitcoin Price Analysis: BTC’s Bullish Momentum Remains Despite Rejection at $98K
Bitcoin continues to trade just below the $96K resistance, consolidating after its sharp rally in late April. The price is currently hovering in a narrow range while the market digests recent gains.
Momentum has slightly cooled off, but no major bearish reversal signs have emerged yet.
Technical Analysis
The Daily Chart
BTC remains in an overall bullish structure on the daily timeframe, holding above the $91K support and both the 100 and 200-day moving averages. After breaking through the $90K–$91K range, the asset is now testing the $95K resistance zone, which also aligns with the neckline of the previous consolidation.
Moreover, the 100-day and 200-day moving averages have printed a bearish crossover near the $90K level, which is the only major worrying sign. Yet, as long as Bitcoin holds above both of them, the medium-term bullish trend remains intact.
The 4-Hour Chart
On the 4-hour chart, BTC has recently been trapped inside an ascending channel pattern, which typically signals a local top or slowdown in bullish momentum, especially if broken to the downside.
The asset is currently testing the lower boundary of the pattern around the $94K–$94.5K area, now acting as support. If this level fails to hold, the next demand zone lies around the $92K mark. On the flip side, reclaiming $96K would likely ignite another leg higher, targeting $98K and even $100K.
Onchain Analysis
SOPR (EMA 30)
On-chain metrics suggest the bullish bias remains supported by healthy profit-taking dynamics and limited sell-side pressure. The Spent Output Profit Ratio (SOPR) remains above the 1.0 threshold, indicating that coins moving on-chain are doing so in profit. Importantly, SOPR recently rebounded with the price, suggesting that even after the rally, holders are not rushing to exit positions at a loss.
This reflects strong conviction in the market and typically supports trend continuation rather than immediate correction.
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