Analysts Evaluated the Latest Situation in Bitcoin! "One Said Critical on Friday, the Other Warned Against a bullish Trap!"

Bitcoin has surpassed 105 thousand dollars with its latest surge and has been rejected at around the 105 thousand dollar level, just shy of reaching its previous ATH.

While BTC is succeeding in its attempts to rise, it has become stuck in a narrow range, raising questions about its potential increase.

The on-chain data provider Swissblock stated that Bitcoin attempted to surpass $105,000 twice but was unable to, and subsequently the price has consolidated within a narrow range, indicating that the primary strength of the upward trend has not yet been demonstrated.

Swissblock analysts emphasized that an important catalyst is needed for Bitcoin to continue its rise, noting that Friday is critical due to the approaching weekend.

“Due to the upcoming weekend, if there is no breakout in Bitcoin on Friday, a delay in the rise is likely.”

Beware of Bull Traps!

Material Indicators, apart from Swissblock analysts, also stated that unless a “serious catalyst” emerges, Bitcoin could test $100,000 before attempting to rise again.

“As long as it is not an important catalyst, I do not expect to see a sustainable breakout to an all-time high without testing $100,000 for BTC.”

Material Indicators noted that while a test of the 100,000 dollar support is expected, there is also a golden cross indicating strong upward momentum.

The analyst, stating that the important level to be monitored downward is the range of 98,000-100,000 dollars, said, “Keeping all of the above in mind, be prepared for a support test in the range of 98,000 to 100,000 dollars, but be careful of bull traps until this occurs.”