Bitcoin is now establishing its position under the crucial resistance level of $95,150. Based on support and resistance, this threshold has the potential to decide its next big price direction. The cryptocurrency has just logged its biggest weekly gain since November of last year, rising by 10.17%. The market is recovering beautifully! An incredible 73% improvement in weekly trading volumes signals a major comeback in the level of activity and has created a wave of excitement among investors.

The current bullish market sentiment surrounding Bitcoin is primarily being driven by three major components. Increasing inflows into Bitcoin spot Exchange Traded Funds (ETFs) are especially helping to sustain this bullish momentum. The intersection of these factors creates a unique opportunity for Bitcoin to rise at least 15% from its current value.

Yet, analysts warn that despite a bright outlook, continued vigilance is essential. Bitcoin’s capacity to uphold its ground above the $91,600 level is essential in order to avoid further downtrend. Continuing at this pace would set up targets as high as $109,354. On the flip side, a breach under the $91,600 support might set off a corrective phase, possibly pushing the price down towards $74,500.

Key Resistance and Support Levels

Bitcoin’s biggest resistance now lies at $95,150, with the big round number $100,000 looming like a psychological barrier in the sky. Getting past these obstacles would likely be the first indication that the bullish trend is set to continue more meaningfully.

Strong support begins at $82,750, and is found down to $78,500. These high levels are the floor to keep us from falling back down and away from our overall rosy trend line.

The known value area for Bitcoin goes very low, from $96,600 all the way to $67,350. This reflects the price levels at which Bitcoin has experienced the greatest volume of buying, selling, and market recognition.

Liquidation Zones and Potential Price Swings

Liquidation zone analysis gives further context with regard to potential price whiplash. Seller liquidation zones are heavily focused between $96,000 and $98,000, but around the $100,000 and $107,400 thresholds. These zones represent price levels at which a large number of short positions will be liquidated. If these areas are crossed, it can greatly increase the chances of strong price increases.

Buyer liquidation zones are between $84,000 and $81,000. There’s a second so-called “zipper” zone, between $74,400 and $73,400. Any further downward pressure on the price could lead to a cascade of liquidations with a dramatic drop into these zones potentially magnifying this downward pressure.

A major thing to point out is that seller liquidation zones are especially touchy places. If Bitcoin is able to make a decisive breakout above this congestion zone, the potential for escalated downside (or upside) price movement surges dramatically.

Bullish Outlook Hinges on Key Levels

The immediate-term outlook for BTC seems to be on the bullish side, as long as it can stay above the $91,600 line in the sand. If this level is maintained, the crypto may aim for price levels up to $109,354.

If this support is not defended, a nasty correction may be just waiting in the wings. In that case, Bitcoin’s targets up would be $84K, $82,700, $81,300, $79,000 and even $74,500 in the end.

Traders and investors alike would be wise to watch these levels closely. Doing so will allow them to gauge market sentiment and get a jump on the coming price swings. The existing relationship between resistance, support, and liquidation zones will most likely determine Bitcoin’s direction over the next several weeks.