bitcoin price has struggled to decisively surpass the $100,000 threshold over the past four weeks, largely fluctuating within the range of $90,000 to $100,000. This correction and the lackluster price action have <a target="_blank" href="https://www.newsbtc.com/analysis/btc/bitcoin-price-faces-challenges-98k/” rel=”nofollow noopener” target=”_blank”>sparked a degree of bearish sentiment among traders, with some speculating that bitcoin may have already peaked for the current cycle.
However, some bullish proponents still point out that bitcoin's price trajectory remains bullish as technical indicators continue to signal bullish momentum. Cryptoanalyst Tony “The Bull” Severino <a target="_blank" href="https://x.com/tonythebullBTC/status/1879172802911383968″ rel=”nofollow” target=”_blank”>highlighted a key observation on social media platform is far from exhausted.
Monthly Stochastic above 80 indicates strong momentum
bitcoin's waning bullish sentiment has continued over the past 24 hours, and the crypto Fear And Greed Index now points to neural sentiment among crypto market participants. However, according to technical analysis, this lack of greed/bullish sentiment will not necessarily translate into an imminent drop in bitcoin price.
crypto analyst Tony Severino noted that bitcoin's monthly stochastic oscillator, which is a tool used to measure market momentum, is still above the 80 bullish momentum level. This indicates strong bullish momentum, as Stochastic holding above this threshold historically aligns with major price rallies.
Interestingly, history shows that bitcoin holding above this 80 level on the stochastic oscillator has always led to the continuation of the price rally. This trend is evident in the 2017, 2020, and January 2024 bull rallies, where bitcoin bounced up multiple times at the 80 level and made substantial upward moves each time. As such, the current ability to maintain this level shows that bitcoin <a target="_blank" href="https://www.newsbtc.com/bitcoin-news/bitcoin-primed-for-a-major-rebound-following-final-capitulation-analyst-predicts/” rel=”nofollow noopener” target=”_blank”>the bullish trend continues even after recent market fluctuations.
Doji Candle Patterns Support bitcoin Price Continuation
Another key observation from Severino's analysis is the repeated appearance of doji candles on the bitcoin price chart during its defense of the 80 level on the stochastic indicator. Retests in 2017, 2020, and 2024 were highlighted by the formation of a doji candle during this period. Notably, these doji candles formed during the monthly candle time frame, revealing that the indecision has been going on for a few weeks, just like the current price action.
As things stand, bitcoin's price action between the $90,000 and $100,000 levels has led to the appearance of a doji on the monthly period to complement the prospect of a price bounce on the stochastic indicator. The indecision reflected in this doji candle suggests that bitcoin has yet to make a definitive move, and options are one <a target="_blank" href="https://www.newsbtc.com/bitcoin-news/could-bitcoin-hit-its-peak-in-summer-2025-analysts-weigh-in/” rel=”nofollow noopener” target=”_blank”>significant breakout above $100,000 or a <a target="_blank" href="https://www.newsbtc.com/bitcoin-news/bitcoin-90k-level-under-review-heres-what-analyst-suggests/” rel=”nofollow noopener” target=”_blank”>fall below $90,000.
At the time of writing, bitcoin is trading at $97,000 and is up 2% in a 24-hour period. In a previous technical analysis, Tony Severino <a target="_blank" href="https://www.newsbtc.com/news/bitcoin/bitcoin-178k-target-in-sight-analyst-highlights-bollinger-band-retest-mirroring-jan-2024-rally/” rel=”nofollow noopener” target=”_blank”>featured $178,000 as a potential price target for bitcoin.
Featured image created with Dall.E, chart from Tradingview.com
