Bitcoin has turned bullish, gaining almost 12% in a week. It is undergoing a crucial retest that, if successful, might push BTC towards $131,800. Keeping above the support level of $93,145 is vital to sustain this bullish trend and avoid any correction. The market sentiment is cautiously optimistic as traders watch for significant price movements.
Bitcoin has surged recently, flipping from bearish to bullish trends, with a notable gain of almost 12% in just one week. After a rough patch of fluctuating performance, BTC seems to be on the up and is eyeing a potential breakout. Current trading figures place BTC at $94,097, alongside a daily trading volume of $17.92 billion and a market cap nearing $1.86 trillion, as per recent data.
The cryptocurrency is at a pivotal moment, undergoing a critical 3-day retest, as observed by popular analyst Clifton Fx. If Bitcoin manages to navigate this retest successfully, it could initiate a significant bullish rally, possibly driving prices toward a new all-time high around $131,800. This crucial phase is being eyed closely by traders eager to confirm BTC’s ability to maintain its bullish trajectory.
Another interesting point has been raised by market watcher Ali about the important support level. For Bitcoin to keep its upward momentum, it must stay above the $93,145 mark, which is based on the Short-Term Holder Cost Basis. If it sustains above this threshold, there’s a possibility of a rally peaking at $131,800. However, if not, we might see a pullback with possible targets like $71,150 looming.
As Bitcoin demonstrates strength above this vital support level, sentiment in the market remains cautiously optimistic. A combination of a successful retest and heightened buying could potentially launch BTC to record highs soon enough. Yet, traders are cautioned to keep their eyes peeled; the market remains unpredictable. A strong breakthrough past recent resistance might confirm the next bullish phase, while slipping below could trigger more selling pressure. For now, the Bitcoin bulls seem to have the upper hand, aiming firmly for that crucial breakout.
