Bitcoin Price Needs To Do This To Continue Its Bull Run

Bitcoin price has recently been consolidating around the $100,000 mark ahead of the recent market uptick.

This price level is a psychological threshold for traders and investors alike, but market experts say that if Bitcoin can maintain its critical support at $97,000, there’s a strong chance of a new bull run.

The Key $97,000 Support Level For Bitcoin Price

Analysts emphasize that holding this level is vital to preserving the integrity of the ongoing bull run. A break below this support could signal weakness and lead to a potential retracement.

Conversely, maintaining this level reinforces the bullish narrative, paving the way for Bitcoin to test higher levels.

On-chain data from Glassnode supports the importance of $97,000, which shows significant activity around this price point.

According to the UTXO Realized Price Distribution (URPD) chart, more than 614,000 BTC have been transacted near this level, accounting for approximately 3.1% of all Bitcoin in circulation.

– Advertisement –

This data underscores the strong market confidence in the $97,000 zone, which has become both a technical and psychological anchor for traders and investors.

The URPD chart also reveals notable activity at higher price ranges, suggesting that Bitcoin has established a strong foundation for its recent gains.

As long as this support remains intact, the path toward higher price targets appears achievable.

Bull Flag Breakout: A Bullish Signal

Adding to the optimism surrounding Bitcoin’s price action is its recent breakout from a bull flag pattern.

Bull flags are widely recognized as reliable continuation patterns in technical analysis, often signalling that an asset is poised to resume its upward trajectory after consolidation.

Bitcoin’s breakout from this pattern aligns with its historical behavior during previous bull markets.

The breakout suggests that Bitcoin price could soon test its all-time high (ATH) of approximately $108,000.

More importantly, the bull flag’s technical projection points to a potential target of $116,650, signalling that the rally may be far from over.

This projection has fueled excitement among market participants, who view the pattern as confirming Bitcoin’s strength.

Historically, Bitcoin’s price action has often followed technical patterns closely, and the current setup is no exception.

The strong support level at $97,000 and the bullish implications of the bull flag breakout have created a favorable environment for further gains.

Bitcoin’s consolidation at the $100,000 level marks a significant psychological milestone.

This phase of price action is characterized by a balance between buying and selling pressure as traders assess the market’s next move.

Consolidation periods are often viewed as healthy, allowing the market to establish a base before resuming its trend.

The $100,000 level also serves as a critical pivot point. A sustained breakout above this level could trigger increased buying interest, propelling Bitcoin price toward its following targets.

On the other hand, a failure to hold above $100,000 could lead to heightened volatility, with the $97,000 support level becoming even more critical.