BTC/USD is in the middle of a critical retest that will likely decide its trajectory for the coming weeks and potentially months. The digital currency needs to continue to stay above $93,145 for bullish momentum to continue. If Bitcoin’s able to retake this level and hold, we’ll likely see a rocket of a rally. This momentum could potentially push Bitcoin to a new all-time high around $131,800.
The market sentiment for Bitcoin still seems cautiously optimistic as it trades decisively above key support levels. Bitcoin has shown surprising and renewed strength, up almost 12% the last week. Despite the listing figures heavily on minds, this spectacular recovery has turned the market sentiment from bearish to bullish after weeks’ worth of tumult.
Key Support Level at $93,145
Holding up above $93,145 now becomes key for BTC to stay on its bullish course. This level around 17k is the Short-Term Holder Cost Basis – it’s a rather important support level.
$93,145 - Ali
If Bitcoin is unable to defend this level, it will likely correct. Downside targets could potentially reach near $71,150.
Potential Rally to $131,800
If Bitcoin can continue holding above the $93,145 support, we will likely see a rapid continuation of the upward momentum and towards a new all-time high. This target is estimated to be approximately $131,800.
$131,800 - Clifton Fx
Ongoing Retest Phase
At the moment, bitcoin is still in an active retest/retrace phase. This second phase will be critical in deciding Bitcoin’s next big direction.
if BTC successfully completes this retest, it could trigger a significant bullish rally, potentially pushing BTC to new heights - Clifton Fx
How this retest goes will probably determine if Bitcoin keeps rising on its bull run or starts a downward correction. Analysts and traders alike are watching very carefully to see what Bitcoin does as it approaches the $93,145 breakout level.
