Bitcoin has maintained a steady upward trajectory, recently breaking above the $96,000 mark and achieving a milestone weekly close at $98,000. This ascent has consistently set new all-time highs, marking a pivotal moment for the cryptocurrency's market performance.
CryptoQuant analyst Axel Adler notes Bitcoin's attempt to dip below $95,000 faced substantial resistance, indicating strong support at this level. The market now anticipates Bitcoin testing the $100,000 benchmark, which could drive greater market interest or herald a consolidation phase.
Despite a minor pullback from $99,800 to $95,800, Bitcoin's price action remains resilient, suggesting a potential breakout above the critical $100,000 level. This resilience fosters confidence among investors, viewing the retrace as a healthy pause.
As Bitcoin reaches this psychological threshold, investor sentiment is mixed—some anticipate profit-taking at $100,000, while others foresee a continued rally with price predictions between $105,000 and $120,000.
Bitcoin's recent highest weekly close at $98,000 serves as both a technical achievement and a psychological boost, potentially propelling Bitcoin toward $100,000. However, continued consolidation below this level could lead to a temporary sideways movement, building a stronger base for future growth.
