BTC/USD is trading in the green around 102,500 and it seems determined to hit new highs. The bias remains bullish despite temporary retreats. Actually, after such an impressive rally at the end of the year, a short term correction was natural. After reaching the new all-time high of 108.364, Bitcoin dropped as much as 89.164 on January 13. Now, it has recovered signaling that the sell-off is over and that the bulls took control again.
From the technical point of view, BTC/USD printed only a false breakdown with great separation below 90,742 key downside obstacle, indicating exhausted sellers. The demand zone above 90,742 remains intact, so the uptrend is unharmed. It has taken out 95,797 static resistance and the upper median line (UML) and now is almost to hit 102,760 major resistance. Taking out this level, activates further growth ahead towards 108,364 historical high. The first warning line (WL1) represents an important target as well. Escaping from the descending pitchfork’s body, BTC/USD could be attracted by the warning line.