Bitcoin Eyes $105K Target After Testing $93K Resistance
Bitcoin (BTC) is trading around $92,900–$93,000 after a strong recovery from below $84,000, with 24‑hour volume near $91.2 billion. Traders and analysts note BTC is retesting the neckline of an inverse head-and-shoulders on the 3-hour chart — a breakout above $92K–$93K would project a move to $105K–$107K. Key analysts cited: Crypto Patel (targets $105K–$107K), Michaël van de Poppe (warns if $92K is lost price may drop to $88K–$90K; pattern invalid if price falls below ~$82,400), and Daan Crypto Trades (notes higher high/higher low structure and a $97K–$98K short-term target). On-chain data from Glassnode shows short-liquidation clusters and signs of seller exhaustion, suggesting potential buying pressure and short squeezes that contributed to recent upside. Immediate support sits around $88K–$90K and the pattern’s lower boundary near $82.4K. Expect heightened volatility near the $93K neckline; a confirmed breakout implies bullish continuation toward $105K+, while failure risks a pullback to the $88K–$82K zones.
Bullish
The article emphasizes a classic bullish reversal setup: an inverse head-and-shoulders with BTC retesting the neckline near $92K–$93K. Multiple analysts project upside targets ($97K short-term; $105K–$107K on confirmed breakout). On-chain indicators from Glassnode (short-liquidation clusters, seller exhaustion) increase the probability of buying pressure and short squeezes that historically accelerate rallies. Immediate supports at $88K–$90K and a decisive invalidation below ~ $82.4K provide defined risk levels for traders. Short-term impact: elevated volatility — traders should watch for a breakout above the neckline with volume confirmation for bullish continuation, or a quick downside correction if $92K fails. Longer-term impact: if breakout holds, it reinforces the bullish trend and sets a new measured target near $105K–$107K; if the pattern fails and price breaks below $82.4K, it could trigger deeper retracement and weaken market structure. Overall, market structure, analyst targets, and on-chain signs point to a bullish bias, contingent on a confirmed breakout and supportive volume.