Bitcoin Has Developed Very Strong Support At $100,000, Says Analyst
'By far the most important aspect of Bitcoin's price movement over the past several weeks is that $100k has held. This has rather rapidly shifted that level from strong resistance to even stronger support," said Enneking, managing partner of Psalion, via email.
'While $100k appears to be a strong bottom, $110k is now the resistance level. I think it is stronger – and more relevant – than the current ATH at $112k,' he claimed.
'Once those levels fall – and they almost certainly will shortly – BTC will be off to the races, establishing another ATH well above the current one," said Enneking.
Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital, also weighed in, pinpointing a slightly higher price as the resistance level to beat.
'With Bitcoin around $105K, traders are watching $112K as the next key resistance—it's both a Fibonacci extension level and a psychological target,' he stated through email. 'If that breaks, $120K could come into play quickly,' added DiPasquale.
In terms of support, he identified several important levels.
'On the downside, $100K is now short-term support. A break below that might see BTC test $95K, with stronger support around $90K," the analyst stated.
'Overall, it's still a bullish structure, but the closer we get to all-time highs, the more likely we see volatility and profit-taking," he added.
The TikTok influencer who goes by Wendy O also weighed in, offering her perspective through emailed commentary.
She provided technical analysis and also commented on key developments that have been driving price movements.
"Right now, Bitcoin is consolidating between key support at $102,000 and all time high
$111,000. Generally, when we see these sideways patterns, we can anticipate a volatile
move up or down," the influencer said.
'We do have a temporary break of support due to the news of Trump and Musks falling out which breaks the trend as it was a mini Black Swan event,' she stated.
"I think because of the geopolitical uncertainty with the economy, interest rates decision
(to lower or keep the same), conflict I think it's safe to follow the news to determine
whats next for Bitcoin as any announcement in the news can cause extreme volatility."
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