After days of weak price actions, which later led to a brief consolidation, Bitcoin resurged and broke significantly to $104k today. Following this move, it appears strongly bullish and looks set for a bigger rally.
Last week, Bitcoin halted its recovery after facing a slight rejection under $98k. It pulled back briefly and later remained calm during the weekend. That triggered some panic in the market as altcoins bled.
Luckily, the $93.5k level stood well and the price slowly climbs back this week. The last 24 hours saw several altcoins through major gains as the price recovers well following a major break above the fundamental but psychological $100k level.
Following the breakup, Bitcoin’s recovery has reached a new milestone of $104,145 once again after three months of swing, and as we can see, it looks highly bullish on the daily chart. The upsurge was mainly fueled by increasing demand. However, it has faced a slight rejection, but still looks poised for a bigger recovery.
Looking at the daily price actions, Bitcoin’s trading landscape has changed as market sentiment turns positive. A full recovery to the top could set the market up for a huge rally to a new all-time high. As of now, the bulls appear back in control.
BTC’s Key Levels To Watch
Source: Tradingview
Anticipating a surge above the current daily high, the next resistance ahead is $106,457. If Bitcoin surpasses it, the recent all-time high of $109,588 would be the next resistance level to watch. A break-up there should rocket the price to a new high.
The broken $97,895 level may provide support in case of a drop. Losing grip above this level could slide us back to $93,500. Other supports are located at $88,765 and $85,800.
Key Resistance Levels: $104,145, $106,457, $109,588
Key Support Levels: $97,895, $93,500, $88,765
- Spot Price: $102,947
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/bitcoin-price-analysis-prediction-may-9-btc-explodes-above-100k-after-three-months-near-ath-again/