Bitcoin is riding a bullish wave with the potential to climb to $110,000 if certain resistance levels are breached. The market's positive momentum is backed by an upward trend in technical indicators like the ADX and RSI, signaling strength in demand.
However, for the cryptocurrency to reach such heights, it needs to break through the critical resistance at $98,870, with strong buying activity playing a crucial role. Current EMA lines indicate a bullish crossover, supporting further price gains if maintained.
Failing to surpass this resistance could lead to a fallback, with support levels at $90,700 and $88,000 acting as safety nets.
Bitcoin's RSI, currently at 60.47, is comfortably above the neutral 50, indicating a continuation of the bullish sentiment but also suggesting potential consolidation until new buying interest emerges. The ADX has also risen, showcasing increased market confidence.
Overall, while the forecast appears optimistic, the sustainability of buying activity and the ability to break significant resistance levels will determine whether Bitcoin can achieve the $110,000 milestone or settle into a consolidation phase. Stay tuned to see how BTC navigates these pivotal points.
