Can Bitcoin Maintain $100K Support And Surge Higher?

(MENAFN- crypto Breaking) Bitcoin underwent a turbulent start to the week, with the Cryptocurrency briefly dropping below the crucial $100K mark before bouncing back above it. This price action on Monday showcased the ongoing volatility in the market, leading to conflicting opinions among investors regarding bitcoin 's future trajectory. Some experts are anticipating a surge past the all-time high (ATH), while others are cautioning against a potential continuation of the recent downtrend.

Market sentiment remains uncertain, influencing investor decisions. Nonetheless, Bitcoin 's ability to remain above $100K has reignited optimism among bullish investors. Renowned crypto analyst Jelle provided a technical analysis, indicating that Bitcoin has successfully established $100,000 as a support level following two previous failed attempts. Jelle's analysis suggests that this psychological barrier now serves as a solid foundation for Bitcoin , potentially paving the way for upward momentum.

As the market observes Bitcoin 's movements closely, the $100K level has become a critical zone to monitor. Whether Bitcoin advances towards a new ATH or faces a test of this support will play a crucial role in shaping the overall market narrative in the days ahead. Currently, Bitcoin 's ability to reclaim and maintain $100K serves as a key indicator of its strength during this volatile phase.

Bitcoin has encountered significant volatility since the beginning of the year, driven by speculation and uncertainty. Despite these fluctuations, Bitcoin has demonstrated resilience by holding key demand levels and establishing new support areas. Analysts believe this resilience could lead to a substantial breakout in the upcoming weeks, with many anticipating an upward movement towards new ATH.

Top crypto analyst Jelle shared a technical analysis on X, highlighting the significance of Bitcoin 's recent price action. According to Jelle,“After two failed attempts, it looks like the third time is a charm indeed.” The once formidable resistance at $100,000 has now transformed into a reliable support level. This transition underscores bullish momentum and sets the stage for a potential rally. Jelle emphasized that this shift in support indicates strengthening bullish forces, positioning Bitcoin for a climb towards its ATH.

The general market sentiment reflects cautious optimism. While uncertainty remains prevalent, Bitcoin 's ability to sustain above $100,000 signals strong investor belief. The recent stability of the cryptocurrency at these levels suggests a potential for a significant upward movement. Analysts and investors are closely monitoring Bitcoin 's next steps, as surpassing and maintaining the ATH would solidify its bullish trajectory in the long term.

At present, Bitcoin 's ability to uphold support at $100,000 and progress higher could trigger renewed enthusiasm in the market. A successful challenge of the ATH by Bitcoin could mark the initiation of a new growth phase, reinforcing its position as the leading cryptocurrency. Bitcoin continues to be the focal point of investor speculation and bullish expectations as the market observes closely.

Bitcoin is presently trading at $102,900, showing robust support above the critical $100,000 mark. Market participants are focusing on this psychological barrier, with bullish sentiment evident in defending it post recent volatility. This support level's maintenance suggests the potential for further upward momentum in the short term.

To confirm a continuation of the uptrend, Bitcoin must sustain above $100,000 and surpass the $105,000 mark. Breaking this significant resistance level could reignite bullish momentum, attracting new buyers and potentially leading to a substantial rally. Such a move might result in Bitcoin retesting its ATH and exploring uncharted price territory.

Nevertheless, the stakes remain high. Failure to uphold support above $100,000 could prompt a more profound consolidation phase, diminishing market excitement. This could potentially lead to a retest of lower demand areas, with traders vigilant for signs of further weakness.

Attention is focused on Bitcoin 's ability to exceed resistance as it hovers near this level. A breakthrough above $105,000 would signify the commencement of a substantial rally, reinforcing confidence in Bitcoin 's long-term resilience.

Featured image from Dall-E, chart from TradingView

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