Bitcoin (BTC) Price Analysis: BTC Shows Signs Of A Bullish Rally, Can It Reach $110K?

The Bitcoin price analysis on the daily chart shows an uptrend with clear consolidation near the $97000 level.

The BTC price showed a slight uptick on Friday morning, rising 1.8% in the last 24 hours to trade at $97,527 as of 02:42 a.m. EST on trading volume that fell 35% to $48.3 billion.

This comes as attention turns to the upcoming US inflation data, which will likely influence expectations for the inflation trajectory and Fed rate cuts. Yesterday, the PPI data rose 3.3%, lower than economists’ estimates of a 3.5% increase.

Meanwhile, CPI is expected to show inflation ticking higher to 2.9%, further away from the Fed’s 2% target. Hot inflation would dampen expectations for Fed rate cuts, which could put the Bitcoin price under pressure again.

BTC Price Showing Signs Of A Bullish Rally

The BTC price analysis on the daily chart reveals an uptrend with clear consolidation around the $97,000 level.

Recently, price action retreated from the psychological resistance at $100,000, forming a rectangular consolidation pattern, as per GeckoTerminal data. This indicates indecision in the market, with buyers and sellers battling for control.

The Bitcoin price has respected the 50-day Simple Moving Average (SMA) as dynamic support during the recent pullback. However, further declines may see the 200-day SMA at $73,899 as a more robust support zone.

In another development, the Relative Strength Index (RSI) stands at 53.45, which is neutral but leans slightly towards bullish territory. It indicates that the price of Bitcoin is in neither overbought nor oversold territory, allowing for movement in either direction. The recent RSI recovery from 40 suggests buyers are gaining strength.

The Moving Average Convergence Divergence (MACD) line is just above the signal line, and the histogram bars are turning positive, signaling bullish momentum.

BTC Price Prediction: Can Bitcoin Reach $110,000?

Based on the current chart setup, the Bitcoin price appears to be in a consolidation phase, with a potential breakout direction hinging on broader market sentiment.

If buyers regain control and push the price of BTC above the $100,000 resistance, the next target could be $110,000, representing a continuation of the broader uptrend.

On the downside, failure to hold the 50-day SMA as support could lead to a test of the $90,000 support zone (pink line). A break below this could then send the Bitcoin price towards the 200-day SMA around $73,899, which would act as strong support.

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