Bitcoin just broke through a tough resistance level, trading above $96,000 after days of trying to get past it. This shows buyers are back in control after a period of sideways trading.
The Big Picture: Bulls in Charge (For Now)
While this is great news in the short term, the real test is whether Bitcoin can break through the crucial $100,000 mark. If it does, we could see a major market upswing and a new bull run.
Analyst Daan pointed out on X that Bitcoin finally escaped its $93,000-$96,000 price range after a week of being stuck. He sees this as similar to a previous situation that led to a big price jump, stressing the importance of staying above the new support level. The next few days will be critical in seeing if this upward momentum continues.
Months of Selling Pressure, Then… BOOM!
After a long period of falling prices from the all-time high, Bitcoin is showing strength again. Breaking past $90,000 was a major shift, giving buyers the advantage and boosting hopes of a six-figure price. However, there are still some risks, like global economic uncertainty and trade issues, that could affect investor confidence.
Daan highlighted that the breakout from the $93,000-$96,000 range mirrors a previous pattern, where a similar period of sideways trading led to a strong upward move. But he cautions that this breakout needs to hold. Falling back into that range would suggest the recent jump was just a temporary move, not a sustained breakout.
Price Check: Aiming High, But Risks Remain
Bitcoin’s currently trading around $97,000, continuing the upward trend that started mid-April. Charts show a clear breakout from the $93,000-$96,000 range, with steady trading above $95,000, showing strong buyer demand. Bitcoin is well above its medium-term support levels, suggesting any dip back to the $90,000-$92,000 range might be a temporary correction, not a major crash. Trading volume also increased significantly during the breakout, confirming the move.
The next big hurdle is $100,000, with a secondary target at $103,600. Buyers need to keep the momentum going and avoid a sharp drop below $95,000; otherwise, this could be a false breakout, leading to profit-taking. The overall trend is still bullish, but traders should be aware of potential exhaustion near resistance levels.