Bitcoin Surpasses $98,000 Mark with Strong Support Ahead of $100,000 Test
Bitcoin has surpassed the $96,000 mark, maintaining a position above this level after consolidating below $100,000. It reached an all-time high close of $98,000 recently, marking its highest weekly close in history.
Analyst Axel Adler from CryptoQuant noted on X that Bitcoin's attempt to dip below $95,000 faced significant resistance, indicating strong support levels. The market is nearing a critical test of the $100,000 threshold, which could either initiate further bullish momentum or lead to short-term consolidation.
Bitcoin Price Action Remains Strong
Despite a minor retrace from $99,800 to $95,800—a decline of less than 4%—Bitcoin’s price action remains bullish. Investors view this pullback as a temporary consolidation before a potential breakout above $100,000.
Adler's analysis emphasized that efforts to push BTC to lower demand levels were unsuccessful, reinforcing current support zones. As Bitcoin approaches the $100,000 milestone, investor sentiment is mixed; some see it as a profit-taking opportunity while others predict a rise beyond this level, with expectations ranging from $105,000 to $120,000.
Bullish Weekly Close Could Send BTC Higher
Achieving its highest weekly close at $98,000 signals a robust bullish environment that may propel Bitcoin past the $100,000 mark. This level now acts as a key support zone, and maintaining prices above $95,000 will be crucial for future movements.
A breakout above these levels might attract more interest from retail and institutional investors. However, consolidation below $100,000 is also possible, potentially requiring several weeks of sideways movement to build momentum for the next upward leg.
Featured image from Dall-E, chart from TradingView