Bitcoin Tests $93.5K Again: Here’s Why This Time Could Be Different

Bitcoin is approaching the $93.5K resistance with weakening rejections, higher lows and bullish signals pointing to a possible move towards $100K.

Repeated tests weaken resistance

Bitcoin has tested the $93,500 level several times. Each time the asset has retreated less than before. The first rejection from this level saw a drop of 14%, the second around 10%, and the most recent test has shown minimal rejection. This smaller pullback indicates that sellers are starting to lose control.

Analyst Rekt Capital commented,

“Rejections from the Range High resistance at ~$93,500 have become weaker with each test.”

Notably, the pattern also shows higher lows forming over time, which many traders see as a sign of increasing pressure from buyers. If this trend continues, Bitcoin could soon break through the resistance and head to higher levels.

Meanwhile, Bitcoin is trading near $93,200 at the time of writing, with a 24-hour low of $92,000 and a high of $94,100. The price has risen more than 2% in the past week, despite a small dip in the past 24 hours.

Last week, BTC climbed above $90,000 after falling below $81,000 in mid-November. It reached above $93,000 before moving sideways between $91,000 and $92,000.

CryptoWZRD noted that Bitcoin closed above $91,500, calling it a bullish daily close. That level now acts as support. The next important area on the map is $94,000. If the price breaks through and stays above that zone, it could create room for a move towards $100,000. Until that breakout occurs, the market can continue to trade sideways.

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The pattern in the first months may be a signal of a shift

Trader Daan Crypto Trades pointed out that Bitcoin set a local low on December 1 after a sharp decline from the monthly open. Referring to early months patterns seen in previous cycles, he said:

“It is often a very weak high/low and is retested and removed relatively quickly afterwards.”

He explained that in most months there is a reversal after an early move. This month’s campaign seems to fit that pattern. If that holds, Bitcoin could now shift momentum back up after hitting an early low.

At the same time, on-chain data shows that Bitcoin reserves on Binance have fallen to the lowest level in years. Analysts say this decline is not due to weakness in the market, but reflects growing demand for self-custody and institutional interest, including ETF-related activity.

If CryptoPotato As reported, this behavior may indicate that Bitcoin is approaching the low point of its current cycle. When there are fewer coins on the exchanges and demand increases, the price tends to follow suit over time.