- Bitcoin (BTC) is currently at $98,416, up 7% over the past week and 48% in the last 30 days.
- Strong support is building below $100K, with 458,000 addresses holding 344,000 BTC.
- Short-term indicators suggest a potential pullback to $94,200 before BTC pushes toward $100K.
Bitcoin (BTC) is currently in a fierce battle to surpass the $100,000 mark, yet its bullish price trajectory remains intact. Over the past week, BTC has risen by 7%, while its impressive 48% surge over the last 30 days highlights a period of significant price momentum. Despite facing challenges in breaking the $100K barrier, BTC continues to show a strong upward trend, keeping investors hopeful about its future.
As of the latest data, BTC’s price is at $98,416, with a 24-hour trading volume of $87.37 billion. Its market capitalization sits at $1.95 trillion, with a dominant 57.10% share of the total cryptocurrency market. In the last 24 hours, BTC saw a modest increase of 0.69%, reinforcing its position as the leading digital asset.
Bitcoin Builds Support Below $100K
Recent data from IntoTheBlock reveals that Bitcoin is not only encountering resistance at the $100,000 level but is also building significant support beneath it. Around 60,000 addresses have accumulated 22.74k BTC at or above the current price point.
However, the more notable development is the growing support below the current price, where 458,000 addresses have amassed a staggering 344,000 BTC. This substantial backing forms a solid foundation that could fuel Bitcoin’s push past the $100K threshold in the near future.
Bitcoin Potential Pullback Before Another Surge
While Bitcoin’s long-term prospects appear promising, some short-term indicators suggest a possible pullback. Crypto analyst Titan Of Crypto recently provided insights into the current market conditions. On higher timeframes, Bitcoin remains strong, but on the daily chart, certain technical signals point to a potential pause in the bullish trend.
Specifically, the Relative Strength Index (RSI) has shown signs of bearish divergence and is approaching overbought territory. Additionally, the Moving Average Convergence Divergence (MACD) is nearing a bearish cross, which could signal a temporary dip. A pullback to the Tenkan level, around $94,200, could be on the cards before Bitcoin attempts another push toward the coveted $100K.
Despite these short-term signals, BTC’s overall upward momentum remains intact, and the support building below could provide the stability needed for a breakout. Investors are closely watching as Bitcoin continues its march toward new highs, with the $100K milestone within reach.
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