Bitcoin Reaches $105,500 Amid 10% Weekly Rally and Key Resistance

Bitcoin Hits Key Level

Bitcoin has increased by 10% over the past week, surpassing the $100,000 mark and reaching a three-month high of $105,500. This rise has heightened investor sentiment regarding a potential new all-time high (ATH).

Analyst Rekt Capital noted that Bitcoin rallied through its re-accumulation range but faced rejection at the $104,500 level.
The cryptocurrency must reclaim this level as support to confirm a second Price Discovery Uptrend.
Currently, Bitcoin closed the week at $104,118, with resistance persisting at this level.
If unable to confirm an uptrend, Bitcoin may experience price rejection at current resistance levels.

One Dip Left Before ATHs?

Rekt Capital suggested that Bitcoin's current behavior mirrors its post-halving performance in Q4 2024, indicating a potential path to a new ATH.

For historical patterns to repeat, Bitcoin should hold $93,500 as support after a rejection around $99,000.
Breaking out from the $97,000-$99,000 range is critical before challenging the $104,500 resistance.
Recent trends show Bitcoin being rejected near $99,000, followed by a retest of $93,500, then surpassing $100,000.
A potential dip to the $98,500 lower high resistance could occur; however, a daily close above this resistance may lead to new ATHs.