Bitcoin Price Expansion To $97,000 Is Only Being Blocked By One Pesky Retest

The latest Bitcoin move has brought bulls back into control of the short-term chart, but the setup is not as straightforward as a clean breakout into higher prices. The 4-hour structure shows momentum building, trendline support holding, and buyers pushing through to higher highs. 

However, the path to a much larger expansion still appears to have one unfinished step. The technical chart implies Bitcoin may need to revisit an important area before the next major move to at least $97,000 can develop properly.

Bitcoin Breakout Leaves One Important Level Behind

Technical analysis of Bitcoin’s price action on the 4-hour candlestick chart posted on the TradingView platform shows the leading cryptocurrency is already doing the difficult part of the setup. 

Bitcoin’s price action has moved above the long descending resistance line that had stopped previous rallies, turning the broader 4-hour structure more bullish. The breakout also came while Bitcoin continued to respect the rising support trendline that has guided the recovery since late February to April.

However, breakouts without retests are incomplete. The 4-hour chart also shows that the Bitcoin price has moved ahead of the strongest demand zone, leaving behind the $71,900 to $72,000 region as the area bears may still want to retest. 

The Expansion Phase And What It Requires

The most important part of the setup is the support region around $71,900 to $72,000. However, a retest of this range would not be a sign of weakness. It would be the price action doing precisely what it is supposed to do: return to a level of proven demand and absorb remaining sell orders, create a strong buying opportunity, and establish a foundation solid enough to support an expansion to new yearly highs.