Bitcoin price remains steady, trading above the $99,000 support while edging its $100,000 resistance zone. The cryptocurrency has gained 125% in 2024, reaching an all-time high earlier this month. Market momentum indicates further upward potential as Bitcoin consolidates gains and maintains resilience. Investors are closely monitoring price movements, anticipating a possible breakthrough of the critical resistance level, which could signal new highs in the coming days.
Will BTC Price Hit ATH This Week?
Bitcoin price remains steady at the $95K support level, showing signs of resilience after recent market declines. The $95K threshold aligns with the midpoint of its multi-year ascending channel, underscoring its importance as a critical support zone.
Despite the recovery, bullish momentum seems insufficient to drive a fresh rally toward a new all-time high. Consolidation around the current level appears likely in the short term unless demand strengthens significantly.
For Bitcoin to challenge its previous record of $108,268.45, set on December 17, 2024, stronger market sentiment is essential. The cryptocurrency remains 7.8% below its peak, with analysts watching closely for signs of renewed momentum.
Michael Saylor Hints at Possible Bitcoin Purchase
Michael Saylor has shared an update from the Saylor Bitcoin tracker for the ninth straight week. The post highlights MicroStrategy’s immense Bitcoin holdings, valued at over $43.66 billion, with 446,400 BTC under management.
Market watchers often associate Saylor’s posts with subsequent Bitcoin purchases by MicroStrategy. This recurring pattern has led to growing speculation about another potential accumulation of digital assets by the company. Analysts suggest this trend could signify MicroStrategy’s commitment to expanding its Bitcoin reserves further.
BTC Price Hits $99K Amid Institutional Accumulation
Bitcoin has surged back to $99,000, marking a significant milestone in the cryptocurrency market. Recent data indicates that whales and institutional investors are actively accumulating Bitcoin. Notably, two new wallets have withdrawn a combined total of 261 BTC, valued at $25.9 million, from Binance.
Additionally, Kulr Technology, identified as @KULRTech on social media, recently received 213.4 BTC worth $21.09 million from Coinbase Prime. The firm now holds an impressive 430.6 BTC, equivalent to $42.71 million. This development highlights growing institutional interest and increased market activity surrounding Bitcoin.
BTC Price Analysis
As of the reporting time, the BTC price is trading at $99,579.20, marking a 7% surge over the past week. Bitcoin has shown steady upward momentum, breaking above the $95,000 resistance level and approaching the psychological $100,000 threshold.
Technical analysis highlights significant bullish signals. The MACD indicator reveals a positive crossover, with the MACD line positioned above the signal line, suggesting increasing buying pressure. Additionally, the RSI currently stands at 69.40, nearing the overbought zone but maintaining room for further growth.
Source: TradingView
Key resistance levels are at $100,000 and $108,000. A break above $100,000 could propel BTC toward its all-time high of $108,000, while support levels are found at $95,000 and $90,000. These levels will be crucial for traders monitoring potential pullbacks.
