$101K Depends On This Level
Bitcoin (BTC) has recovered from its recent drop to $91,000 and continued to move within its weekly range, but has failed to recover more than $98,000 in support. Some analysts believe that BTC’s sentiment will remain neutral while it restores the support zone and moves to a new high.
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Bitcoin price stability could lead to $101K recycling
Following market corrections starting in February, Bitcoin has been move In the price range of $96,000-$99,000. Flagship cryptocurrency fell from an instantaneous decline to $91,000, gaining support over a week-wide scale, down just 2% in the market return this Sunday.
The largest cryptocurrency has hovered between $90,000 and $108,000 since the U.S. election pump, moving in the middle of its four-month price range for much of that period.
Crypto analyst Rekt Capital pointed to Bitcoin’s positive performance as it “continues to enjoy price stability”, above the diagonal trendline support, a previous month’s downtrend line, at its latest all-time high (ATH) Break through the breakthrough.
Bitcoin has recorded improvements in price since the depth-triggered correction, “this was quickly cancelled, as evidenced by recent rises in Wicks.” However, the price of BTC continues to use the diagonal trend line as a week’s Support, it is necessary to build further momentum.
According to analysts, “As long as it continues, the price will revisit $101,000 over time.”
After the recent price action, BTC needs to recoup the $97,700 mark to “make such a reversal based on additional follow-up.” To achieve this, flagship cryptocurrencies must print daily shutdowns above this level and support them as a support based on their move towards a $101,000 resistance.
BTC remains bullish on higher time frames
Daan Crypto trading highlights that BTC’s range has not changed as it continues to move sideways Although many altcoins have been losing ground. According to X post, Bitcoin is consolidating as it tries to break through in a lower time frame.
If the flagship is encrypted Recycle The market structure of BTC will flip after the initial rebound of last week, exceeding the $100,000 hurdle. Daan said BTC’s momentum is “quite neutral” in the short term and is bullish on a higher timeframe.
In addition, he tip Once Bitcoin is rediscovered, emotional risks will recover. According to Rekt Capital, BTC’s second price discovery uptrend should In the coming weeks, the price began in December as cryptocurrencies are trying to “trend reverse its first price discovery correction.”
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Historically, Bitcoin started the second round around the 16th week of the parabolic parasite phase, suggesting that Bitcoin may soon start the next high. and, February This is also a positive month in history for flagship cryptocurrencies.
Several analysts pointed out that BTC’s post-period performance is usually favorable in the first quarter, usually struggling in the first few weeks of the year, but gaining momentum throughout February and March.
As of this writing, Bitcoin was trading at $96,091, a 1.2% reduction in the daily time range.
Featured images from Unsplash.com, charts from TradingView.com
