Bitcoin Surpasses $98,000, Breaking Key Resistance at $97,763
After a period of consolidation and sideways movement, Bitcoin, often referred to as digital gold, has successfully broken through the $98,000 mark, reaching a closing price of $98,305 on February 20, 2025.
Bitcoin has thus closed above $ 98000 level, for the first time, since February 4, 2025, signaling a potential shift from a neutral consolidation phase to a renewed bullish trend.
Key Support and Resistance Levels
The current price movement suggests a crucial support level at $96,415. Bulls must maintain this support to prevent a possible retracement. On the upside, Bitcoin faces significant resistance levels at $101,328, followed by $102,377 and $104,442. A successful breakout above these levels could pave the way for Bitcoin to test its all-time closing high of $106,144.
Technical Indicators Flash Bullish Signals
On the technical front, key indicators have turned bullish. The Moving Average Convergence Divergence (MACD) has flipped into positive territory, indicating a growing upward momentum. Additionally, the Relative Strength Index (RSI) is trending higher, moving towards overbought levels, which suggests increased buying pressure.
Macroeconomic and Political Factors Driving Sentiment
Apart from technical factors, broader macroeconomic and political developments are influencing Bitcoin’s bullish sentiment. Traders are closely watching the Trump administration’s evolving stance on cryptocurrency regulations.
Recent reports suggest that the administration is exploring the possibility of establishing a national Bitcoin reserve, a move that could have far-reaching implications for institutional adoption.
Furthermore, individual U.S. states have reportedly started planning their own Bitcoin reserves, further fueling bullish sentiment among crypto investors. The potential launch of cryptocurrency-focused exchange-traded funds (ETFs) by major financial institutions is also being viewed as a catalyst for Bitcoin’s continued upward trajectory.
Market Outlook and Investor Strategy
As Bitcoin enters a potential breakout phase, traders and investors should remain vigilant about upcoming resistance levels. A decisive move above $101,328 could accelerate Bitcoin’s rally, while any rejection at key resistance points may lead to short-term pullbacks.
Overall, Bitcoin’s latest surge above $98,000 underscores the strengthening bullish sentiment and increasing institutional interest in digital assets. The coming weeks will be crucial in determining whether Bitcoin can sustain its momentum and reach new all-time highs.
Bitcoin has thus closed above $ 98000 level, for the first time, since February 4, 2025, signaling a potential shift from a neutral consolidation phase to a renewed bullish trend.
Key Support and Resistance Levels
The current price movement suggests a crucial support level at $96,415. Bulls must maintain this support to prevent a possible retracement. On the upside, Bitcoin faces significant resistance levels at $101,328, followed by $102,377 and $104,442. A successful breakout above these levels could pave the way for Bitcoin to test its all-time closing high of $106,144.
Technical Indicators Flash Bullish Signals
On the technical front, key indicators have turned bullish. The Moving Average Convergence Divergence (MACD) has flipped into positive territory, indicating a growing upward momentum. Additionally, the Relative Strength Index (RSI) is trending higher, moving towards overbought levels, which suggests increased buying pressure.
Macroeconomic and Political Factors Driving Sentiment
Apart from technical factors, broader macroeconomic and political developments are influencing Bitcoin’s bullish sentiment. Traders are closely watching the Trump administration’s evolving stance on cryptocurrency regulations.
Recent reports suggest that the administration is exploring the possibility of establishing a national Bitcoin reserve, a move that could have far-reaching implications for institutional adoption.
Furthermore, individual U.S. states have reportedly started planning their own Bitcoin reserves, further fueling bullish sentiment among crypto investors. The potential launch of cryptocurrency-focused exchange-traded funds (ETFs) by major financial institutions is also being viewed as a catalyst for Bitcoin’s continued upward trajectory.
Market Outlook and Investor Strategy
As Bitcoin enters a potential breakout phase, traders and investors should remain vigilant about upcoming resistance levels. A decisive move above $101,328 could accelerate Bitcoin’s rally, while any rejection at key resistance points may lead to short-term pullbacks.
Overall, Bitcoin’s latest surge above $98,000 underscores the strengthening bullish sentiment and increasing institutional interest in digital assets. The coming weeks will be crucial in determining whether Bitcoin can sustain its momentum and reach new all-time highs.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.