After the significant dip, Bitcoin is now back on track after retesting the crucial $91,000 support level. The crypto analyst on X highlighted this retest as a key milestone and affirmed that a daily close above the crucial support level signals potential stabilization.
#BTC
Fantastic retest of $91,000 as support
Now all about breaking the trendline (blue) to get back to $100,000$BTC #Crypto #Bitcoin https://t.co/uhd8QTaJwo pic.twitter.com/ImIjxg8bD3
— Rekt Capital (@rektcapital) November 27, 2024
“A fantastic retest of $91,000”, Rekt Capital writes on social media, adding that breaking the current trendline is essential for BTC to reclaim the psychological mark of $100,000.
Bitcoin Nears $100K Mark Once Again
The recent price movement shows the strong bullish momentum as the cryptocurrency surged over 5% to $96,431 in the last 24 hours. The brings BTC closer to the most awaited psychological milestone of $100K, which is also a crucial resistance level that could shape the market’s next phase.
Earlier, the crypto analyst suggested that BTC will retrace deep enough to convince investors that the bull market is over, and then it will resume its uptrend. This on-point analysis aligns with the its recent price swings.
The current stability around $91,000 is critical for the cryptocurrency’s upward momentum. If support holds and the trendline is broken, BTC could soon surpass $100,000.
The upswing in Bitcoin’s price mainly sparked from the growing confidence in institutional investors through mainstream doors like ETFs. BlackRock’s IBIT has shown impressive resilience by attracting a $267 inflow on Nov 26, when most ETFs experienced outflows.
Apart from this, MicroStrategy’s continued purchase of an additional $5.4 billion worth of Bitcoins helped the cryptocurrency to sustain a crucial support level.