The cryptocurrency markets are experiencing a bullish trend as Bitcoin surpasses the $100K mark and maintains its position above this key level despite some minor bearish pressure. The price has now entered a crucial range, and a successful breakout could lead to a fresh uptrend towards a new all-time high. On the other hand, a failure to break through this range could result in Bitcoin consolidating within a certain range until the next bullish momentum kicks in.
Speculations are rife that Donald Trump could become the first crypto-friendly president, which has already started to impact the cryptocurrency market positively. However, the recent uptrend lacks the strong buying pressure that propelled Bitcoin from $75,000 to over $108K. Nevertheless, the fact that Bitcoin has now become a $2 trillion asset instills confidence in the long-term bullish outlook.
Recent price action has seen Bitcoin break out of a bearish pattern, and a confirmation of this breakout could attract more buying interest. Although the buying pressure has slightly waned around the $99,100-$99,500 range, the $100K level is expected to act as a strong support zone in case of a pullback.
Bitcoin has broken above the resistance zone between $98,800 and $99,570 and is now aiming for the pivotal range around $103,485. The cryptocurrency has struggled to surpass the $102,436 level for some time, and a successful breakout signals a bullish momentum. Additionally, breaking the resistance of the descending triangle is a positive sign, but a confirmation is needed to validate the trend reversal.
Technical indicators like the RSI and Ichimoku lines show bullish signals, but the drop in trading volume raises concerns. While the recent price surge was supported by high trading volume, the current uptrend seems to lack strong buying interest. Traders should remain cautious as the market dynamics could change rapidly.
