Bitcoin Bulls Charge Back: Is the $98K Barrier Next to Fall?
Momentum swings back to the bulls as Bitcoin shakes off recent lethargy. The digital asset's latest surge has traders eyeing a critical psychological threshold—one that could redefine the market's ceiling.
The Wall at $98K
All eyes are on that towering figure. It's not just a number; it's a battleground where institutional interest meets retail FOMO. Breaking through requires more than hype—it needs sustained buying pressure that laughs in the face of traditional resistance levels.
Fuel for the Rally
What's driving this push? Look beyond the charts. Macro whispers, regulatory thaw in key corridors, and that relentless institutional drip-feed are converging. Meanwhile, traditional finance still can't decide if crypto is the future or a fascinating scam—their indecision is our advantage.
The Cynic's Corner
Let's be real: Wall Street would sell you a tokenized version of your own debt if it thought there was a spread in it. Their sudden 'innovation' often looks suspiciously like repackaged greed with a blockchain wrapper.
The path to $98k is cleared. Now, do the bulls have the stamina to smash it?
Analyst Highlights Bitcoin’s Major Resistance Zone
Analyst crypto Patel highlighted that Bitcoin touched on the area of 94,000. He referred to it as a key resistance area that needed a break and hold. Patel indicated that a shift of $94,000 to $94,600 would push the price to a high of $98,000. He added that this region has a Fair Value Gap and a 0.5 Fibonacci level.
The analyst further indicated that the $97,000 to $98,000 area is a high resistance range. He cautioned that the probability of turning down Bitcoin in this zone is greater. In the case of a weakening momentum, the targets of the pullback are $80,000, $70,000, and $60,000. He mentioned that a price closer than $107,533 is required to confirm an increase in the trend on the higher time frame.
Source: X
He pointed to levels of resistance at $98,000 and $107,533. A break above $107,533 WOULD be a confirmation of long-term bullish control. This would put an increase in targets back on the table. These consist of levels that are beyond the former highs.
The Crypto analyst MartyParty cited a Wyckoff-based prognosis. He pointed out the correlation between the 200-day and 800-day EMAs. He remarked that a long-term trend beyond $94,000 can be taken as a strength. This development could potentially trigger a reversal into the $100,000 area.
Source: X
The analysts cautioned that a drop below $94,000 holding would lead to additional support tests. He suggested that a liquidity sweep would drag Bitcoin to about $87,650. Another possibility is a more significant downward trend to $82,000 under Wyckoff patterns. He noted that such tests are typical in times of consolidation.
Bitcoin Market Strengthens as Open Interest Climbs
According to CoinGlass data, the market activity has sharply increased. Trading volume grew by 99.81% to $89.11 billion. The open interest increased by 6.48% to $62.70 billion. The OI-weighted funding rate was 0.0071%, with balanced derivatives positions.
Source: CoinGlass
Bitcoin has reached a turning point as it is struggling with significant opposition. The inflows of ETF are returning to add weight, yet the technical barriers are substantial. The next session will show whether buyers will be able to continue movement or whether a new correction will occur.
