$131,800 in Sight: Bitcoins Critical Retest Could Trigger Historic Rally
- Bitcoin has flipped bullish, gaining nearly 12% over the past week after weeks of volatility.
- BTC is undergoing a critical 3-day retest that could trigger a major rally if successful.
- Holding above the key support level of $93,145 is crucial to maintain upward momentum.
- A successful breakout could push Bitcoin toward a potential new all-time high around $131,800.
Bitcoin (BTC) has made an impressive comeback, flipping from bearish to bullish territory after several weeks of volatility and sluggish performance. Over the past seven days, BTC has gained nearly 12%, showing renewed strength and setting the stage for a potential breakout toward new highs.
At the time of writing, the BTC price is trading at $94,097 with a 24-hour trading volume of $17.92 billion and a market capitalization of $1.86 trillion, according to the latest market data.
Bitcoin Retest Could Trigger Massive Rally
According to popular crypto market observer Clifton Fx, Bitcoin is currently undergoing a critical retest on the 3-day timeframe following a massive breakout. Clifton Fx emphasized that if BTC successfully completes this retest, it could trigger a significant bullish rally, potentially pushing BTC to new heights.
This ongoing retest phase is crucial for Bitcoins next major move. Traders and investors are closely monitoring the price action to confirm if BTC can sustain its bullish momentum.
Critical Support Level: $93,145
Meanwhile, crypto market watcher Ali highlighted an important support level for BTC. Based on the Short-Term Holder Cost Basis, Bitcoin must maintain a position above $93,145 to preserve its upward momentum.
If BTC holds above this key level, it could fuel a further rally toward a potential new all-time high around $131,800. However, failure to hold could expose BTC to a correction, with possible downside targets near $71,150.
As Bitcoin trades strongly above crucial support, market sentiment remains cautiously optimistic. The combination of a successful retest and strong buying volume could lead to a fresh wave of bullish momentum, pushing BTC toward new record highs in the coming weeks.
However, traders are advised to stay alert as market volatility remains high. A decisive move above recent resistance levels could confirm the next bullish phase, while a failure could invite renewed selling pressure. For now, Bitcoin bulls are firmly in control, with eyes set on securing a major breakout.
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Read more: https://www.tronweekly.com/131800-in-sight-bitcoins-critical-retest-could-trigger-historic-rally/
Text source: TronWeekly
