BTC keeps trading between set levels after bouncing back from a short-lived drop at $91,000. The rebound in cryptocurrency movement has not touched the $98,000 barrier yet which experts view as a necessary precondition to continue rising.
From early February BTC stayed within the price band of $96,000 to $99,000 indicating it is settling down after markets underwent a correction. Since US elections ended Bitcoin stayed price bound between $90,000 and $108,000 while keeping the middle ground in its four-month price movement.
Bitcoin Holds Critical Support
In his analysis Rekt Capital found Bitcoin rests above its critical diagonal support line from when Bitcoin surpassed its earlier all-time high. For Bitcoin to keep moving up the analyst requires the current support line to remain in place.
BTC shows repeated gains that revert back to its normal price level in recent patterns of market movement. According to Rekt Capital Bitcoin needs to defend its support region before another push towards $101,000 may occur. A clear market uptrend requires Bitcoin to exceed $97,700 and stay above the level to keep rising steadily from its current price point.
The movement of short-term BTC prices stays at zero while most alternative coins experience price declines according to Daan Crypto Trades. The cryptocurrency trades within its defined range before any potential upward movement appears on shorter timeframe charts. When Bitcoin jumps past $100,000 it will create new bullish market conditions that support rising prices.
Market experts expect BTC to progress through its Second Price Discovery Uptrend when the current period ends. BTC tends to rise during a period known as the Parabolic Phase that lasts 16 weeks after the halving event. BTC tends to perform well during February and March improving the market’s expectation for climbing to new heights.
According to our current data, BTC continues to trade at $96,091 with 1.2% daily decrease. The market carefully watches the BTC resistance barriers as the digital asset continues to evolve.
