After a pretty volatile week, Bitcoin has successfully retested its yearly high, after briefly dipping a little to sub 100K before bouncing back with a vengeance.
In less than six days, Bitcoin jumped over 18%, hitting a local high of $108K and reigniting bullish vibes across the market.
Engage
Top analyst Daan shared some insights on X, pointing out that Bitcoin’s price action has created a solid support level after retesting its previous yearly high.
According to Daan, this is a classic bullish signal, suggesting that Bitcoin has the momentum to push even higher in the coming days.
With market sentiment shifting positively and technical indicators lining up just right, many are hopeful that Bitcoin could soon break through its all-time high and enter new price territory.
Uncharted waters
Bitcoin has crossed the $100,000 threshold for the first time last year, which is a quite big deal. This milestone has sparked excitement among investors who are now anticipating a surge beyond its ATH in the near future.
Daan emphasized that as long as Bitcoin stays above $102.7K, it’s on track for a potential ATH as soon as next week.
Adding fuel to this bullish fire is the inauguration of President Donald Trump. Many believe his administration will be pro-crypto, which could provide an extra boost for Bitcoin and the entire crypto market.
Support levels to watch
Currently, in the time of writing trading at around $107,000, Bitcoin is riding high after days of violent ups and downs.
To maintain this bullish trend, it’s important for BTC to hold above the $102,500 support level.
If it can do that, we might see it break past $108,000, triggering a massive rally that could lift the entire crypto market along with it.
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