Bitcoin has once again caught the imagination of investors. It’s currently trading a little under the $105,000 level, and bulls are looking to push the asset to a new ATH. The cryptocurrency is coming into one of the most important weeks! Analysts are licking their chops, waiting to see if it can exceed its last peak of $109,000. Investor sentiment seems to be on the rise, perhaps with optimism for Bitcoin’s breakout run and broader positive market sentiment.
At the time of writing, Bitcoin trades above $104,000, after closing its second-best weekly close of all time. This continues the momentum of the new uptrend’s strength and has investors excited about the prospects for more gains to come. Bullish momentum has been quietly bubbling up over the last few weeks. Bitcoin has made a fierce breakout on the heels of reclaiming the important $90,000 and $100,000 psychological levels.
Key Resistance Zones
At the moment, Bitcoin’s price action shows a clear bullish trend, with the cryptocurrency thriving short term above crucial resistance zones previously established. The price pumped up violently once it reclaimed the $90,000 and $100,000 levels as buyers showed unbelievably strong bullish strength with this move. At the moment, Bitcoin is sitting a little below the ATH zone, which is the first major test to the bullish momentum.
That area between $104,000 and $105,700 is of special importance. Buyers have to get above this level to even attempt to break the current all-time high. A confirmed weekly breakout above the ATH would provide the ultimate confirmation for the next macro leg up, potentially leading to further significant price appreciation.
The weekly chart is showing unequivocal bullish momentum, as Bitcoin blasts past established resistance areas on strong volume and authority. That’s an enormous number, but it suggests that the current rally is more than just speculative, being underpinned by strong demand at the retail level.
The Push to $109,000
All eyes now turn to watch if Bitcoin can help make history this week, by claiming a new all-time high. If bulls succeed in scaling the price over the current all-time high of $109,000, it will invalidate the intermediate downtrend and confirm the long-term uptrend. A weekly candle closing above or near this level would be a strong signal of further bullish momentum.
Traders and analysts are excitedly awaiting this breakout. More importantly, it has the power to fuel an entirely new wave of investment and drive Bitcoin even higher. Bitcoin’s capacity to maintain trading above $104,000 is a positive sign. The real test will be to see if it can get above its all-time high.
The next few days will be a test. They’ll be the ones to decide whether Bitcoin will successfully leap this last hurdle and roll out a new price standard. A successful breakout would likely ignite a wave of pent-up bullish enthusiasm among investors. This would only cement Bitcoin’s place at the top of the cryptocurrency rankings.
Investor Confidence on the Rise
The Fear and Greed Index is on the rise, soaring. This increase shows that the general belief regarding the potential for Bitcoin is growing among investors. This is a sign that more and more investors are getting optimistic about Bitcoin’s long-term prospects, potentially building on the current rally that we’ve been witnessing.
Bitcoin continues to demonstrate its resilience and long-term potential. Consequently, more institutional investors and even retail investors will enter the market, further driving demand and causing prices to appreciate. An increasing number of people see Bitcoin as a long-term, robust store of value. This increasing adoption insulates against inflation and stokes optimism.
This surging investor confidence is an important contributing factor behind Bitcoin’s current bullish momentum. It does provide a dangerous precedent, all too ready to be used in justifying future price hikes. This strengthens the cryptocurrency’s position as the most notable asset in the international financial market.
