Traders Eye $98K as Bitcoin Coils for a High-Stakes Move

Source: CryptoNewsNet Original Title: Traders Eye $98K as Bitcoin Coils for a High-Stakes Move Original Link: If bitcoin had a theme song today, it’d be “Can’t Stop, Won’t Stop”—except, maybe it might stop to catch its breath. Trading in a narrow intraday range, the asset has taken a breather above the $95K threshold, forming what might be a bullish flag waving at momentum. The market’s pulse? Steady with a chance of fireworks.

Bitcoin Chart Outlook

Let’s start with the daily chart, where bitcoin continues to flex its macro muscles. The asset has held its posture above the $95,000 mark, building on an uptrend that began at the local floor near $84,398. Despite a modest correction following a spike to $97,939, momentum remains sturdy, especially as volume that surged during the rally is now tapering off—often a sign of consolidation rather than exhaustion.

The technical landscape suggests a potential breakout, but the market wants to see bitcoin either bounce cleanly off the $91,000–$92,000 support or take out the $98,000 threshold with volume to back it up.

Zooming into the 4-hour chart, bitcoin is playing a more reserved game of ping-pong between $94,000 and $96,500. Momentum peaked with the recent high, but instead of a dramatic retreat, the price has settled into a sideways shuffle. Lower highs hint at fading enthusiasm, but support around $94,000 remains well-defended—buyers aren’t letting this one drop easily. The declining volume paints a picture of accumulation rather than distribution, hinting that something bigger might be brewing just under the surface.

The 1-hour chart is bitcoin’s version of a power nap—mildly bearish, mildly boring, but potentially resting up for its next move. The price action is compressed in a tight $94,500–$95,500 band, with little directional momentum to speak of. The lack of volume resembles a market holding its breath, waiting for a catalyst to break the tension. Any move above $95,500 with strong volume could launch a quick push to $96,500, while failure to hold $94,250 opens the door for a deeper dive.

Oscillators are sending a mixed bag of signals, as if bitcoin’s own indicators are undecided. The relative strength index (RSI) stands at 62, keeping things neutral. Stochastic oscillators clock in at 72, echoing that non-committal stance, while the commodity channel index (CCI) at 108 leans toward overbought conditions. Momentum, however, struts in with a bullish tone at 3,948, reinforced by the moving average convergence divergence (MACD), which shows a level of 1,547 and sides with momentum’s optimism.

Moving averages (MAs) paint a fascinating split between near-term confidence and long-term caution. All short-term averages—like the 10-day exponential moving average (EMA) at $93,881 and the 20-day simple moving average (SMA) at $91,762—are in bitcoin’s corner. Mid-range signals up to the 50-day remain supportive, but once you step into triple-digit territory, sentiment flips. Both the 100-day and 200-day averages, including the EMA at $99,468 and the SMA at $105,894, have thrown in the towel, suggesting the broader trend still needs to shake off the ghosts of past volatility before committing to new highs.

Bitcoin may be stuck in a short-term holding pattern, but the longer-term narrative still leans bullish—if the price can hold its ground and break out with conviction. The market is eyeing $98,000 like it’s the velvet rope to a trend continuation party. For now, bitcoin’s technicals are a masterclass in patience, caution, and the art of waiting for volume to do the talking.

Bull Verdict

If bitcoin can sustain support above $94,000 and gather the volume strength needed to break through the $98,000 ceiling, the trend continuation narrative gains serious credibility. With short- to mid-term moving averages aligned and momentum indicators leaning favorable, a bullish breakout isn’t just wishful thinking—it’s a high-probability setup waiting for confirmation.

Bear Verdict

Should bitcoin lose its footing below $94,000—especially with volume backing the breakdown—the structure risks unraveling toward the $91,000 support zone. Add in the bearish signals from long-term moving averages and overbought readings like the commodity channel index (CCI), and the market may be prepping for a controlled descent rather than a victory lap.

FAQ

What is bitcoin’s current price? Bitcoin is trading at $95,222 as of January 17, 2026.

What price levels should traders watch today? Key levels include support at $94,000 and resistance near $96,500–$98,000.

Is bitcoin in a bullish or bearish trend? The broader trend remains bullish, but short-term momentum is neutral.

What indicators are signaling the next move? Momentum and MACD are positive, while long-term moving averages flash caution.