Bitcoin (BTC) is currently valued at around $93,000 with a 24-hour trading volume of $91.2 billion, representing a 7% increase within the day and a 6% rise over the past week.

After dipping below $84,000 earlier this week, BTC has rallied and is now challenging a crucial resistance around $93,000.

Key Resistance Level of $93,000

BTC is testing the neckline of an inverse head-and-shoulders chart pattern on the 3-hour chart, prompting analysts to pay close attention. Crypto Patel noted:

“If this $BTC breakout plays out, we’re eyeing $105K–$107K next.”

This chart setup typically indicates a potential trend reversal. Should the price break and sustain above the neckline, projections suggest a target in the $105,000 to $107,000 range. However, this breakout remains unconfirmed, and price movements around the neckline will ultimately determine the next direction.

Additionally, analyst Michaël van de Poppe provided commentary:

“If $92K is lost, we’ll probably liquidate some longs and have a relatively harsh drop.”

He stated that revisiting the $88,000–$90,000 range would still align with the ongoing trend, as this area has historically provided support and coincides with prior consolidations.

The lower limit of this pattern is around $82,400. Falling below this threshold could nullify the setup. Until then, price volatility is expected as BTC fluctuates near resistance.

Short-Term Market Structure Remains Bullish

Daan Crypto Trades observed that BTC has recently established a higher high and a higher low:

“Price did now make a higher high and higher low, so technically the market structure is back to bullish on this timeframe,” he remarked.

He also identified $97,000–$98,000 as a potential short-term target if momentum persists. New data from Glassnode reveals the formation of short-liquidation clusters, which may amplify buying pressure during upward shifts. Signs of capitulation and seller exhaustion are becoming more apparent, indicating that Bitcoin could be nearing the bottom of its cycle, typically seen at pivotal moments. Significant buybacks and short squeezes have contributed to the recent upward trend.