- Bitcoin is trading at $96,617, up 2.91% in 24 hours, with support at $87,700 and $78,800 if a pullback occurs.
- The cryptocurrency is range-bound between $92,000 and $100,000, with strong potential to surpass $100K.
- An ascending broadening wedge pattern suggests a bullish rally, with traders watching for further gains.
Bitcoin (BTC) is maintaining a positive price trajectory, showing resilience as it aims for higher price targets. The leading cryptocurrency remains range-bound between $92,000 and $100,000, with market indicators suggesting a strong possibility of surpassing the $100K milestone. However, in a less favorable scenario, potential retracement points have also been identified, highlighting areas where BTC could find support if a pullback occurs.
At the time of writing, BTC is trading at $96,617, reflecting a 2.91% increase over the last 24 hours. The cryptocurrency’s 24-hour trading volume stands at $55.40 billion, while its market capitalization has reached $1.91 trillion, accounting for a dominant 55.45% share of the total crypto market.
Bitcoin Poised for a Bullish Rally
Market sentiment remains optimistic, with traders closely monitoring key technical levels. Should Bitcoin face a retracement, critical support zones are projected at $87,700, marked by the Tenkan level, and $78,800, aligned with the Kijun level. These levels, however, are dynamic and could shift upward as Bitcoin’s price movement evolves.
Crypto analyst Titan of Crypto noted that the Tenkan and Kijun levels serve as crucial indicators for traders in identifying potential reversal points. According to the analyst, if Bitcoin experiences a pullback, these levels could act as strong support zones, helping BTC maintain its upward momentum.
Adding to the bullish note, Captain Faibik, another prominent analyst, highlighted an ascending broadening wedge formation on the 8-hour timeframe. Faibik emphasized that this pattern historically signals an imminent bullish rally, suggesting that Bitcoin could soon witness another upward price surge.
Overall, Bitcoin’s current price structure and market activity indicate robust momentum, with eyes firmly set on breaking past the psychological barrier of $100K. Market participants remain vigilant, balancing optimism with caution as BTC navigates its next critical price milestones.
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