Bitcoin’s price trajectory could be influenced by a critical price level: $98,000. Analysts believe this level could be a key support or resistance zone, determining Bitcoin’s next major move.
Why $98,000?
- Key Technical Support: The $98,000 price level has historically acted as a significant support or resistance area in previous market cycles. If Bitcoin can maintain above this level, it could signal continued upward momentum toward new all-time highs.
- Psychological Barrier: As Bitcoin approaches the $100,000 mark, the $98,000 level serves as a psychological barrier for investors, with strong market interest at play around this price point.
- Market Sentiment: With the broader market being bullish, holding above this level could signal that Bitcoin is gearing up for another leg of its bull run. However, if it fails to stay above $98,000, we might see a correction.
Conclusion
Bitcoin’s ability to maintain above the $98,000 level could set the stage for a significant move. Bulls are watching closely to see if this price point can hold, as it may dictate whether Bitcoin continues its bullish trend or faces a pullback.
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