BTC/USD Analysis: Bullish Momentum Faces Resistance at $110,000!

Looking at this chart of BTC/USD on the 4-hour timeframe:

Current Price: The price of Bitcoin is currently around $98,468.88, with a slight increase of +0.24% for the session.

Key Levels:

The price is approaching a strong resistance zone near the $110,000 level, which is marked with a shaded area above the current price. This could act as a psychological barrier or a sell-off zone if the price reaches this level.
On the downside, there is support near the $94,000 level, indicated by a box in the lower part of the chart. The market has shown a tendency to bounce from this zone in the past.
200 EMA: The 200-period Exponential Moving Average (EMA) is currently around $98,193, and the price is trading slightly above it, which indicates that the trend may be leaning bullish, but a pullback to this level could be expected.

Price Action: The chart shows a series of upward movements after consolidation in the lower range, which suggests bullish momentum. However, the proximity to resistance means the price might face some challenges breaking through the $110,000 zone.

Overall, there’s potential for Bitcoin to test higher levels, especially if it can clear the resistance near $110,000. But a pullback or consolidation around the $94,000 region could also be on the cards. Keep an eye on volume and price behavior around these levels to confirm the next move.