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On the one-hour time frame, Bitcoin appears to be developing a rising wedge pattern. This is particularly notable considering its prior breakout from a symmetrical triangle pattern, leading to substantial gains. As Bitcoin nears the $100,000 price point, it's vital to scrutinize this emerging pattern. A rising wedge often indicates a potential reversal or loss of momentum, suggesting that traders should be on alert for possible resistance between $100,000 and $120,000.
Despite a bullish long-term outlook, caution is warranted due to bearish divergences appearing on longer time frames, suggesting that momentum may indeed be waning. A mild downturn could be possible before Bitcoin sees another upward push.