Will Bitcoin (BTC) Reach $100,000 This Week?

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Will Bitcoin (BTC) Reach $100,000 This Week?

Jakarta, Pintu News – Bitcoin (BTC) surprised the market again by surging above the $94,000 level over the weekend. Despite the subsequent price drop, Bitcoin still held in an important technical zone. The rise marks Bitcoin’s strongest weekly close since mid-November.

Importance of Bitcoin (BTC) Recent Moves

The rise in Bitcoin (BTC) price did not occur during a normal weekday, but rather over the weekend. This is unusual and is often taken as an indication of strong short-term demand. Many analysts predicted a slower rise in Bitcoin price this week, but in reality the price rose faster than expected.

This may indicate that the market needs time to adjust before resuming the upswing. Nonetheless, this doesn’t mean the trend has turned bearish. It’s just that Bitcoin may be taking a short break after its rapid rise.

Read also: 3 Reasons PEPE’s 84% Price Rise Has the Potential to Reverse Quickly

Possible Short-Term Redemptions

After a strong rally, the market usually does not continue to rise. A short pullback can be considered normal and even healthy for Bitcoin (BTC). This allows buyers to enter at lower levels and helps reset market sentiment.

If Bitcoin experiences a decline, the area to watch is around $90,400. This level previously acted as resistance in late December and could now turn into support. As long as Bitcoin (BTC) remains above this zone, the overall trend is still positive. Only a clear drop below $90,150 would raise concerns that a short-term top may have formed.

Conclusion

Despite a potential short-term pullback, the long-term outlook for Bitcoin (BTC) remains bullish. Investors should pay attention to key support levels and be prepared to capitalize on opportunities that arise if Bitcoin (BTC) experiences a temporary price drop.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

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