Bitcoin’s $97K Dream: One Pesky Retest Away from Glory!

by

Oh, Bitcoin, you sly dog! You’ve got the bulls doing the cha-cha on the short-term chart, but let’s not pop the champagne just yet. Sure, the 4-hour structure looks like a Broadway musical-momentum’s building, trendlines are holding, and buyers are tap-dancing to higher highs. But hold your horses, folks! This isn’t a clean breakout; it’s more like a sitcom with one unfinished plot twist.

Apparently, Bitcoin’s got one more hoop to jump through before it can waltz its way to $97,000. Yes, you heard that right-one pesky retest stands between us and financial glory. It’s like the final boss level in a video game, except the boss is a chart and the weapon is patience.

Bitcoin’s Breakout: A Comedy of Errors

Technical analysis, the Shakespeare of the trading world, tells us Bitcoin’s already done the hard part. It’s broken above the descending resistance line like a bull in a china shop. And let’s not forget the rising support trendline-it’s been guiding this recovery like a GPS since late February. But here’s the kicker: breakouts without retests are like bagels without cream cheese-incomplete and slightly disappointing.

The 4-hour chart reveals Bitcoin’s left behind the $71,900 to $72,000 demand zone faster than a bad first date. Bears might still want to retest this area, just to make sure they didn’t miss their chance to ruin the party.

The Expansion Phase: A Drama in Three Acts

Now, the star of this show is the $71,900 to $72,000 support region. But don’t fret if Bitcoin decides to revisit this range-it’s not a sign of weakness. It’s just the market doing its thing: soaking up sell orders, creating a buying opportunity, and laying the foundation for a rally to $97,400. Yes, $97,400! That’s enough room to breathe, but not enough to start planning your retirement in the Bahamas.

And let’s not forget the invalidation level at $67,500. If Bitcoin dips below that, it’s like the breakout never happened. Sellers will be back in control, and we’ll all be left wondering where the punchline went.

But hey, the broader market’s got Bitcoin’s back! US Spot Bitcoin ETFs are seeing inflows like a Black Friday sale, with $630 million pouring in on May 1. Bitcoin even flirted with $80,000 over the weekend, but the romance fizzled before the daily close. A close above $80,000? Now that’s the first act of a bullish blockbuster.

BTC 200 Day Moving Average: The Holy Grail of Bullish Dreams

The real encore? A daily close above the 200-day moving average at $83,600. Bitcoin hasn’t done that since October 2025, so it’s kind of a big deal. If it happens, bulls will be popping champagne bottles like it’s New Year’s Eve.

Read More

2026-05-04 18:04