The king of crypto, Bitcoin (BTC), extended its winning streak into Thursday, marking three consecutive days of gains. This surge has been largely attributed to a weaker U.S. dollar, the establishment of the U.S. strategic Bitcoin reserve and accumulation of large amount by investors and an overall risk-on sentiment prevailing in global markets, which has buoyed demand for alternative assets like BTC.
As at 5:55pm GMT +4, Bitcoin was trading around $99,280.87, up approximately 2.72% for the day. This bullish momentum puts BTC within striking distance of its 14-week high at $100,202.18, a level that currently acts as a key resistance zone on the upside.
From a technical standpoint, BTC continues to respect the ascending trendline on the 4-hour time frame, reinforcing its short-term bullish structure.
However, the upward movement has so far been capped near the psychological and technical supply zone around $100,000.
For the remaining days in the week, no major catalysts are currently on the calendar. This opens the door for price action to be primarily driven by market sentiment and technical levels.
KEY LEVELS TO WATCHOUT
If bullish momentum persists and buyers manage to push price above the $100,000 barrier, this could pave the way for a test of $102,551. A breakout beyond that level would shift focus to the $106,000 region, As per analysts,
On the flip side, should sellers regain control, immediate support lies at $95,000. A sustained break below that level could lead to deeper corrections, with potential targets at $91,800 and even $88,565, according to market analysts. Breakouts in either direction are not ruled out.
As at 5:55pm GMT +4, Bitcoin was trading around $99,280.87, up approximately 2.72% for the day. This bullish momentum puts BTC within striking distance of its 14-week high at $100,202.18, a level that currently acts as a key resistance zone on the upside.
From a technical standpoint, BTC continues to respect the ascending trendline on the 4-hour time frame, reinforcing its short-term bullish structure.
However, the upward movement has so far been capped near the psychological and technical supply zone around $100,000.
For the remaining days in the week, no major catalysts are currently on the calendar. This opens the door for price action to be primarily driven by market sentiment and technical levels.
KEY LEVELS TO WATCHOUT
If bullish momentum persists and buyers manage to push price above the $100,000 barrier, this could pave the way for a test of $102,551. A breakout beyond that level would shift focus to the $106,000 region, As per analysts,
On the flip side, should sellers regain control, immediate support lies at $95,000. A sustained break below that level could lead to deeper corrections, with potential targets at $91,800 and even $88,565, according to market analysts. Breakouts in either direction are not ruled out.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.