Ah, Bitcoin (BTC), that elusive digital sprite, is preparing for what traders and analysts are calling an “attack on the ATH” — which, for the uninitiated, stands for All-Time High, not a particularly enthusiastic greeting. If BTC/USD can muster the courage to close the week above the magical number of $97,000, we might just witness a spectacle worthy of a bard’s tale. 🎭
Why Bitcoin price must hold above $97,000
Currently, Bitcoin is prancing about in its third consecutive bullish session, like a particularly optimistic chicken, strutting 6% above its rather gloomy low of $95,000 from February 18, as reported by the ever-reliable CryptoMoon Markets Pro and TradingView. 🐔
Now, this has allowed our dear BTC to leap over the crucial threshold of $97,000, a level that the bullish brigade must cling to like a cat to a warm laptop, if they wish to sustain this recovery, according to the sage known as Rekt Capital. 🐱💻
“Bitcoin needs a weekly close above $97,000 to continue holding the higher low as support,” the analyst proclaimed in a post on X, which is not a secret spy organization but rather a social media platform. 📜
Accompanying this proclamation was a chart showing Bitcoin perched precariously on immediate support, provided by the lower boundary of a pennant at $97,028. Yes, you heard that right, a pennant! It’s like a flag, but with more numbers and less fabric.
‘For the past three weeks now, Bitcoin has been downside-wicking below the triangular market structure while keeping the pattern intact.”
In a previous post analyzing this very setup, Rekt Capital reiterated:
“Bitcoin price needs to keep holding this weekly higher low to keep the pattern alive.”
Meanwhile, fellow trader Warren Muppet (yes, that’s his name, and no, he’s not a puppet) has spotted Bitcoin trading above $98,000 for the first time since February 4, which is like finding a five-pound note in an old coat pocket. 💸
Warren declared that if BTC manages to close above this level, which also happens to be above the weekly trend, it could trigger a rally to new all-time highs. Or it could just as easily trigger a stampede of confused investors. Who knows? 🤷♂️
“If tomorrow we reject the $98,000 level, it’s a strong short signal, but if we confirm the close above, I should assume an attack to the ATH.”
BTC trades above a key support level
Now, if we delve into the mystical realm of Bitcoin’s realized price distribution (URPD), we can uncover where the current set of unspent transaction outputs, or UTXOs, were conjured. This gives us insights into the cost basis and areas of interest regarding support and resistance, which sounds far more complicated than it actually is. 🧙♂️
Some of the key Bitcoin support levels to keep an eye on are $97,500 and $96,450, according to the wise sages at Glassnode. 🧐
Meanwhile, the latest liquidation data from CoinGlass reveals the importance of Bitcoin’s immediate resistance above $98,000. The chart below shows a wall of bid liquidity building up within this zone, suggesting it could act like a magnet for BTC price. Breaking above this cluster, especially the $100,000 psychological level, would be a monumental leap toward confirming the trajectory toward all-time highs. Or it could just be a mirage in the desert of digital currency. 🌵
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2025-02-21 16:13