Bitcoin has found support just above a longer-term range bottom.
Does this mean the OG crypto is ready to test higher areas of interest?
We’re looking at the big $100,000 mark on the daily time frame!
Bitcoin (BTC/USD) Daily Forex Chart by TradingView
Bitcoin’s been brushing off U.S. tariff threats and the higher-for-longer interest rate outlook in the U.S., with traders instead focusing on optimism from U.S.-Russia talks in Riyadh and rate cuts from other major central banks.
After sliding since mid-January, BTC/USD found support at the $95,000 psychological level. This isn’t just above the longer-term $92,000 support—it’s also hanging around the 100 SMA on the daily chart.
Remember that directional biases and volatility conditions in market price are typically driven by fundamentals. If you haven’t yet done your homework on bitcoin and the U.S. dollar, then it’s time to check out the economic calendar and stay updated on daily fundamental news!
Can the OG crypto attract more buyers at these levels and make a run for higher areas of interest?
Keep an eye out for bullish candlesticks and sustained trading above $97,000. If the bulls take charge, BTC/USD could set its sights on the major $100,000 mark.
And if bitcoin’s momentum really heats up, we might even see a retest of the $108,000 highs!
On the flip side, if BTC/USD can’t hold the line at $95,000, a drop toward the $92,000 lows could be on the cards.
Whichever bias you end up trading, don’t forget to practice proper risk management and stay aware of top-tier catalysts that could influence overall market sentiment!