$101K depends on this level

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Bitcoin (BTC) has recovered from its recent drop to $91,000 and continued to move within its weekly range, but has failed to recover more than $98,000 in support. Some analysts believe that BTC’s sentiment will remain neutral while it restores the support zone and moves to a new high.

Bitcoin price stability could lead to $101K recycling

Bitcoin has been moving in the price range of 96,000-$99,000 after the corrections began in February. Flagship cryptocurrency fell from an instantaneous decline to $91,000, gaining support over a week-wide scale, down just 2% in the market return this Sunday.

The largest cryptocurrency has hovered between $90,000 and $108,000 since the U.S. election pump, moving in the middle of its four-month price range for much of that period.

Crypto analyst Rekt Capital pointed to Bitcoin’s positive performance as it “continues to enjoy price stability”, above the diagonal trendline support, a previous month’s downtrend line, at its latest all-time high (ATH) Break through the breakthrough.

Bitcoin holds a diagonal upward line. Source: Rekt Capital on X

Bitcoin has recorded improvements in price since the depth-triggered correction, “this was quickly cancelled, as evidenced by recent rises in Wicks.” However, the price of BTC continues to use the diagonal trend line as a week's Support, it is necessary to build further momentum.

According to analysts, “As long as it continues, the price will revisit $101,000 over time.”

After the recent price action, BTC needs to recoup the $97,700 mark to “make such a reversal based on additional follow-up.” To achieve this, flagship cryptocurrencies must print daily shutdowns above this level and support them as a support based on their move towards a $101,000 resistance.

BTC remains bullish on higher time frames

Daan Crypto's transaction emphasizes that BTC's range has not changed as it continues to move sideways, while many altcoins have been failing. According to X post, Bitcoin is consolidating as it tries to break through in a lower time frame.

If flagship cryptocurrencies recover their highs from their initial rebound last week, above the $100,000 barrier, then the market structure of BTC will flip. Daan said BTC's momentum is “quite neutral” in the short term and is bullish on a higher timeframe.

Additionally, he noted that emotional risks will return once Bitcoin is rediscovered. According to Rekt Capital, the second price discovery uptrend for BTC should occur in the next few weeks as cryptocurrencies are trying to “trend reverse its first price discovery correction”, which starts in December.