Bitcoin is once again flirting with all-time highs after a rollercoaster of a week that showcased the cryptocurrency’s trademark volatility. The price briefly crashed to $89,100, a move that shook market confidence before staging an impressive comeback. In less than six days, Bitcoin surged over 18%, reaching a local high of $105,900 and reigniting bullish sentiment across the market.
Top analyst Daan shared a technical analysis on X, highlighting Bitcoin’s clean retest of its prior 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 push higher 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 aligning, many are optimistic that BTC could soon break past its all-time high and enter price discovery.
Bitcoin About To Enter Uncharted Territory
Bitcoin has reached a critical milestone, breaking above the $100,000 mark for the first time and signaling the potential for entering price discovery. This pivotal move has sparked a wave of optimism among investors, many of whom now expect BTC to surge beyond its all-time high (ATH) in the coming days. The cryptocurrency’s recent performance underscores its dominance and ability to lead the market during bullish cycles.
Daan shared a detailed technical analysis on X, highlighting Bitcoin’s strong market structure. According to Daan, BTC recently completed a clean retest of its prior yearly high—a critical resistance level that has now turned into solid support. He noted that as long as BTC holds above the $102.7K level, the path to its ATH remains clear. “Bitcoin looks good for a move to 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 backdrop. With President-elect Donald Trump set to assume office on Monday, expectations are growing 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 sustain momentum above $100K will be closely watched. Investors are eager to see how far the leading cryptocurrency can climb, with many predicting that the next leg up could usher in a transformative phase for Bitcoin. With technical strength and bullish sentiment aligning, Bitcoin is poised to continue its ascent, making the coming days critical for its next major move.
BTC Testing Fresh Supply: Can It Hold?
Bitcoin (BTC) is trading at $104,600, following days of significant volatility and market uncertainty. The cryptocurrency has rebounded strongly, with bulls now firmly in control as BTC edges closer to setting a new all-time high above the $108,000 mark. This impressive recovery has bolstered investor confidence, with many anticipating that BTC’s momentum will soon lead to an explosive rally.
To sustain this bullish trend, holding above the $102,500 level is crucial. This support zone has become a critical benchmark for short-term strength, providing the foundation needed for BTC to continue its ascent. Maintaining this level would reinforce market confidence, signaling that buyers remain in control and are prepared to drive prices higher.
If Bitcoin continues its upward trajectory, a breakout above the $108,000 mark could trigger a massive rally, propelling the entire cryptocurrency market alongside it. As the 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 for signs of a breakout as BTC nears new highs, potentially entering a transformative phase in its ongoing rally.
Featured image from Dall-E, chart from TradingView
