Bitcoin is once again approaching all-time highs after a week of volatility that showcased the cryptocurrency’s trademark volatility. The price briefly collapsed to $89,100, a move that shook market confidence before seeing an impressive comeback. In less than six days, Bitcoin rose by more than 18%, reaching a local high of $105,900, igniting bullish sentiment throughout the market.
Senior Analyst Daan shared technical analysis on X, highlighting Bitcoin’s apparent retest of its previous yearly high – a crucial level that has now turned into strong support. According to Dan, the retest on the 4-hour chart is a textbook bullish signal, indicating that BTC has the momentum to move higher in the coming days.
This latest move puts Bitcoin at the forefront of investors’ minds as it approaches uncharted territory. With market sentiment turning positive and technical indicators agreeing, many are optimistic that Bitcoin may soon surpass its all-time highs and enter into price discovery.
Bitcoin is about to enter uncharted territory
Bitcoin has reached a crucial stage, crossing the $100,000 mark for the first time, indicating the possibility of entering into price discovery. The pivotal move has sparked a wave of optimism among investors, many of whom now expect Bitcoin to rise beyond its all-time high (ATH) in the coming days. The cryptocurrency’s recent performance confirms its dominance and ability to lead the market through bull cycles.
Dan Share detailed technical analysis on Xhighlighting Bitcoin’s strong market structure. According to Dan, Bitcoin recently completed a clean retest of its previous yearly high – a critical resistance level that has now turned into strong support. He noted that as long as Bitcoin remains above $102.7K, the path to ATH remains clear. “Bitcoin looks good to move to an all-time high next week,” Dan said, stressing the importance of maintaining support at these levels.
Adding to the bullish sentiment is the broader macroeconomic backdrop. With President-elect Donald Trump taking office on Monday, expectations are growing for a pro-cryptocurrency administration that could further spur a Bitcoin rally. Many believe that regulatory clarity and institutional adoption under Trump’s leadership will provide an additional boost to Bitcoin and the broader cryptocurrency market.
As BTC approaches price discovery, its ability to maintain momentum above $100k will be closely watched. Investors are eager to see how far the leading cryptocurrency can go, and many are speculating that the next stage could lead to a turning point for Bitcoin. With technical strength and bullish sentiment aligned, Bitcoin is poised to continue its upward climb, making the coming days crucial for its next major move.
BTC Tests New Supply: Can It Hold?
Bitcoin (BTC) is trading at $104,600, after days of high volatility and uncertainty in the market. The cryptocurrency has rebounded strongly, with the bulls now firmly in control as Bitcoin approaches a new all-time high above the $108,000 mark. This impressive recovery has boosted investor confidence, with many predicting that Bitcoin’s momentum will soon lead to a massive rally.
To sustain this uptrend, holding above $102,500 is crucial. This support area has become a crucial measure of strength in the short term, providing the necessary foundation for Bitcoin to continue its ascent. Maintaining this level would boost market confidence, indicating that buyers remain in control and are willing to push prices higher.
If Bitcoin continues its upward trajectory, a break above the $108,000 level could trigger a massive rally, pushing the entire cryptocurrency market sideways. As a leading digital asset, BTC’s performance often sets the tone for broader market sentiment, making its next moves pivotal.
With bulls dominating the market and technical indicators pointing to strength, Bitcoin appears poised for further gains. Traders and investors are closely watching signs of a breakout as BTC approaches new highs, potentially entering a transformative phase in its ongoing rally.
Featured image by Dall-E, chart from TradingView