After the significant dip, Bitcoin is now back on track after retesting the crucial $91,000 support level. The crypto analyst on X highlighted this retest as a key milestone and affirmed that a daily close above the crucial support level signals potential stabilization.
Fantastic retest of $91,000 as support
Now all about breaking the trendline (blue) to get back to $100,000$BTC #Crypto #Bitcoin https://t.co/uhd8QTaJwo pic.twitter.com/ImIjxg8bD3
— Rekt Capital (@rektcapital) November 27, 2024
“A fantastic retest of $91,000”, Rekt Capital writes on social media, adding that breaking the current trendline is essential for BTC to reclaim the psychological mark of $100,000.
Bitcoin Nears $100K Mark Once Again
The recent price movement shows the strong bullish momentum as the cryptocurrency surged over 5% to $96,431 in the last 24 hours. The brings BTC closer to the most awaited psychological milestone of $100K, which is also a crucial resistance level that could shape the market’s next phase.
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Earlier, the crypto analyst suggested that BTC will retrace deep enough to convince investors that the bull market is over, and then it will resume its uptrend. This on-point analysis aligns with the its recent price swings.
The current stability around $91,000 is critical for the cryptocurrency’s upward momentum. If support holds and the trendline is broken, BTC could soon surpass $100,000.
The upswing in Bitcoin’s price mainly sparked from the growing confidence in institutional investors through mainstream doors like ETFs. BlackRock’s IBIT has shown impressive resilience by attracting a $267 inflow on Nov 26, when most ETFs experienced outflows.
Apart from this, MicroStrategy’s continued purchase of an additional $5.4 billion worth of Bitcoins helped the cryptocurrency to sustain a crucial support level.
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Also Read: MARA Buys $67M in Bitcoin, Will BTC Price Hit $100K?
