Cup-and-handle pattern leaves Bitcoin poised for a possible $104,000 breakout

Beincrypto reports Bitcoin price may pause in the short term even as a developing cup-and-handle pattern keeps the broader bullish trend intact.

The outlet notes Bitcoin is up about 3% over recent sessions but shows mixed signals: a daily candle closed green with a long upper wick, suggesting sellers at higher levels and a likely consolidation that could form the handle. On-chain metrics show hodlers have resumed buying since December 26, with a January 4 buying peak of about 12,349 BTC—nearly 93% lower than the late‑November selling peak of roughly 185,451 BTC. Derivatives positioning is skewed toward longs, with long liquidation leverage near $2.24 billion versus $416 million for shorts, and exchange inflows fell from roughly 43,940 BTC on December 31 to about 3,970 BTC on January 5; spent‑coins activity dropped from about 28,033 BTC to 5,644 BTC over the same span.

The analysis says that if consolidation holds, the bullish setup remains intact as long as Bitcoin stays above $89,450, while a breakdown below $84,320 would invalidate the pattern. Upside levels to watch include $93,560 at the handle neckline and a confirming daily close above $94,710; the cup’s measured move projects a target near $104,000, with $107,460 possible thereafter. The report concludes Bitcoin may stall short term but completing the handle could set up a larger breakout.

Key Topics

Crypto, Bitcoin, Hodlers, Binance, Exchange Inflows, Derivatives Positioning