After reclaiming the crucial $100,000, Bitcoin (BTC) is testing its recently recovered levels as support, with some analysts suggesting that the price will see a short-term sideways move before breaking out of its key resistance.<\/p>\n
Over the past month, Bitcoin has seen a massive performance, recovering more than 23% from the $84,000 mark. The flagship crypto has reclaimed the $100,000 barrier, lost during the February pullback, and rallied to a three-month high of $105,819.<\/p>\n
Amid the market recovery, BTC has re-entered<\/a> its post-US elections range, between the $92,000 and $106,000 levels, trading just 4.4% below its January all-time high (ATH). However, the massive rally seems to have slowed after nearing the range\u2019s upper level, which could momentarily halt its next leg up.<\/p>\n This week, Bitcoin has ranged between $101,500-$105,000, taking out most of the liquidation clusters within the weekly range lows. Daan Crypto Trades pointed<\/a> out that now the cryptocurrency is \u201cpretty far away from any large liquidity clusters.\u201d<\/p>\n He explained that BTC\u2019s price hasn\u2019t traded in the range\u2019s high for a significant period, and few new positions were built around this area \u201cafter the initial squeeze of shorts.\u201d<\/p>\n As such, the main levels to look out for are the range\u2019s highs above the $106,000 resistance, and the range\u2019s low around the $93,000 support, where the recent breakout<\/a> occurred.<\/p>\n Analyst The Cryptonomist considers<\/a> that BTC\u2019s price action is \u201cvery simple from here,\u201d as the flagship crypto moves within a one-month rising wedge pattern. If Bitcoin remains inside the formation, it could surge to the $110,000-$112,000 levels.<\/p>\n However, if Bitcoin falls below the lower boundary, around $100,000, it could lose the key support<\/a> and attempt to fill the CME Gap around the $92,000 before a new ATH rally.<\/p>\nBitcoin To Trade Sideways For Two Weeks?<\/h2>\n