The crypto market shows signs of strength while the Bitcoin price towards 113,000 dollars becomes the main target for current traders. According to Chris Beamish, an analyst at Glassnode, the digital currency is at a crucial turning point to regain its momentum bullishly soon. This Friday, the asset seeks to overcome the cost basis of short-term holders to accelerate its pace.
On the other hand, consolidation around 95,000 dollars suggests that buyers are gaining ground against the resistance steadily. Recovering the profitability level of new investors is vital for the upward trend to continue strongly. Likewise, this behavior reflects a constant accumulation by various institutional actors who trust in the value of the asset.
Furthermore, analyst Michael van de Poppe maintains that maintaining support at 91,200 dollars ensures the current technical structure. The path to six figures seems clear as long as the 21-day moving average acts as a solid floor. In this way, the confidence of retail traders could return in the face of an imminent breakout.
The technical setup that anticipates a historical liftoff in the market
An ascending triangle pattern on the daily chart points directly to a revaluation of nearly eighteen percent. The technical configuration that anticipates a historical takeoff keeps investors in a state of high alert. The technical indicators suggest an explosive movement if the price manages to close above the 98,000 dollars barrier.
Moreover, analysts like Matthew Hyland highlight a hidden bullish divergence that reinforces the possibility of starting a new rally. Bitcoin is respecting a historical trend line that has served as solid support since the beginning of 2023. Therefore, the current pullbacks are seen by many as strategic opportunities before entering the next phase.
Can institutional demand sustain the momentum needed to overcome the resistance?
The overall sentiment remains optimistic due to the aggressive accumulation by whales in recent weeks of the market. The capital flow into exchange-traded funds reinforces the thesis that the market has not yet reached its final ceiling. It is also relevant to note that the highest capitalization cryptocurrencies usually drag the rest of the ecosystem.
Looking ahead, the fulfillment of technical objectives will depend on macroeconomic stability and the strength of buyers. Surpassing 100,000 dollars will be a psychological milestone fundamental for the development of this financial cycle. Undoubtedly, the next daily closes will define if the asset can take its price to levels never seen before in the short term.
