Bitcoin Finally Turns $100K Into Support Ready To Rally Higher?

Bitcoin experienced a rollercoaster start to the week as the cryptocurrency dipped 5% below the critical $100K mark, only to recover and climb back above it. Mondays price action highlighted the ongoing volatility in the market, leaving investors divided on Bitcoins next move. Some analysts are calling for a surge above the all-time high (ATH), while others warn of a potential continuation of the recent decline.

Market sentiment remains mixed, with uncertainty dominating investor decision-making. However, Bitcoins resilience above the $100K level has sparked renewed optimism among bulls. Top crypto analyst Jelle shared a technical analysis, highlighting that Bitcoin has now turned $100,000 into a support level after two previous failed attempts. Jelles insights suggest that the psychological barrier has become a strong foothold for Bitcoin, setting the stage for potential upward momentum.

As the market continues to watch for Bitcoins next move, the $100K level is now a critical zone to monitor. Whether Bitcoin surges toward a new ATH or faces another test of this support will likely shape the broader market narrative in the coming days. For now, Bitcoins ability to reclaim and hold $100K is a key indicator of its strength in this volatile phase.

Bitcoin Holds Steady Amid Volatility

Bitcoin has faced massive volatility since the start of the year, with price movements dominated by speculation and uncertainty. Despite these fluctuations, Bitcoin has demonstrated resilience, maintaining key demand levels and establishing new support zones. Analysts believe this could pave the way for a significant breakout in the coming weeks, with many eyeing an upward move toward new all-time highs (ATH).

Top crypto analyst Jelle shared a technical analysis on X, highlighting the importance of Bitcoins recent price action. According to Jelle, After two failed attempts, it looks like the third time is a charm indeed. The $100,000 level, once a formidable resistance, has now turned into a solid support. This critical development underscores bullish momentum and sets the stage for a potential rally. Jelle noted that this shift in support indicates that bulls are gaining strength, positioning Bitcoin to rise higher and challenge its ATH.

The broader market sentiment reflects cautious optimism. While uncertainty remains a driving force, Bitcoins ability to hold above $100,000 signals strong investor confidence. The cryptocurrencys recent stability at these levels suggests it may be primed for a decisive move upward. Analysts and investors are closely monitoring Bitcoins next steps, as reclaiming and holding above ATH would solidify its long-term bullish trajectory.

For now, Bitcoins ability to maintain support at $100,000 and push higher could serve as the catalyst for renewed enthusiasm in the market. If Bitcoin successfully challenges its ATH, it could mark the start of a new phase of growth, reinforcing its dominance as the leading cryptocurrency. As the market watches closely, Bitcoin remains the focal point of investor speculation and bullish expectations.

Trading Between Key Liquidity Levels

Bitcoin is currently trading at $102,900, having secured strong support above the critical $100,000 level. This psychological barrier has become a key focal point for market participants, with bulls showing resilience in defending it after recent volatility. The ability to hold this level suggests the potential for further upward momentum in the short term.

For bulls to confirm a continuation of the uptrend, BTC must hold above $100,000 and push above the $105,000 mark. Breaking this next significant resistance level would likely trigger renewed bullish momentum, attracting fresh buyers and potentially paving the way for a massive rally. Such a move could see BTC retest its all-time high and even venture into price discovery territory.

However, the stakes remain high. A failure to sustain support above $100,000 could lead to a deeper consolidation phase, dampening market enthusiasm. This would likely result in a retest of lower demand zones, with traders closely watching for signs of further weakness.

As BTC hovers near this level, attention lies on its ability to break above resistance. A surge above $105,000 could signal the start of a significant rally, reinforcing confidence in Bitcoins long-term strength.

Featured image from Dall-E, chart from TradingView

Text source: NewsBTC

Bitcoin News