bitcoin is once again flirting with all-time highs after a rollercoaster of a week that showcased the cryptocurrency's signature volatility. The price briefly fell to $89,100, a move that shook market confidence before making an impressive comeback. In less than six days, bitcoin rose more than 18%, hitting a local high of $105,900 and reigniting bullish sentiment across the market.
Prominent analyst Daan shared a technical analysis on x, highlighting bitcoin's clear retest of its previous yearly high, a crucial level that has now transformed into strong support. According to Daan, this retest on the 4-hour chart is a textbook bullish signal, suggesting that btc has the momentum to rally in the coming days.
This latest move positions bitcoin at the forefront of investor interest as it approaches uncharted territory. With market sentiment turning positive and technical indicators lining up, many are optimistic that btc could soon surpass its all-time high and enter price discovery.
bitcoin about to enter uncharted territory
bitcoin has reached a critical milestone, surpassing the $100,000 mark for the first time and signaling the potential to enter price discovery. This fundamental move has sparked a wave of optimism among investors, many of whom now expect btc to surpass its all-time high (ATH) in the coming days. The cryptocurrency's recent performance underlines its dominance and ability to lead the market during bullish cycles.
danan <a target="_blank" href="https://x.com/DaanCrypto/status/1880657301679608154″ target=”_blank” rel=”noopener nofollow”>shared a detailed technical analysis on xhighlighting bitcoin's strong market structure. According to Daan, btc recently completed a clean retest of its previous yearly high, a critical resistance level that has now become solid support. He noted that as long as btc remains above the $102.7k level, the path to its ATH will remain clear. “bitcoin looks good to hit the all-time high next week,” Daan stated, emphasizing the importance of maintaining support at these levels.
Adding to the bullish sentiment is the broader macroeconomic context. With President-elect Donald Trump set to take office on Monday, expectations are rising for a pro-crypto administration that could further catalyze bitcoin's rally. Many believe that regulatory clarity and institutional adoption under Trump's leadership will provide an additional boost to btc and the broader cryptocurrency market.
As btc approaches price discovery, its ability to maintain momentum above $100,000 will be closely watched. Investors are eager to see how far the leading cryptocurrency can go, with many predicting that the next breakthrough could usher in a transformative phase for bitcoin. With technical strength and bullish sentiment aligned, bitcoin is poised to continue its ascent, making the next few days critical for its next big move.
btc tests new supply: can it hold up?
bitcoin (btc) is trading at $104,600, after days of significant volatility and uncertainty in the market. The cryptocurrency has rallied strongly, and bulls are now firmly in control as btc moves closer to setting a new all-time high above the $108,000 mark. This impressive rally has bolstered investor confidence, with many anticipating that btc's momentum will soon lead to an explosive rally.
To maintain this uptrend, staying above the $102,500 level is crucial. This support zone has become a critical benchmark for near-term strength, providing the necessary foundation for btc to continue its ascent. Maintaining this level would reinforce market confidence, indicating that buyers remain in control and are prepared to push prices higher.
If bitcoin continues its upward trajectory, a break above the $108,000 mark could trigger a massive rally, driving the entire cryptocurrency market to its side. 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 watching for signs of a breakout as btc approaches new highs, potentially entering a transformative phase in its ongoing rally.
Featured image of Dall-E, TradingView chart
