Analyst Evgeny Glinsky notes that last week Bitcoin dropped to the mark of $90,745, and then returned to the level of $98,560.

Overall, Bitcoin is in an accumulation phase, which has a positive effect on altcoins, and the altseason index has surged sharply upward. As a new month has begun, Bitcoin may show a new strong movement. If the leading cryptocurrency consolidates below the level of $94.5k, a decline to $92k and even $90k should be expected. However, if it consolidates above $98k, Bitcoin will rise to the zone of $102.5k and even $103.5k. If the price of this cryptocurrency rises above the specified zone, the growth will accelerate towards $108k and $112k, where the largest sell orders are concentrated.

The expert also draws attention to positive news in the crypto market. Thus, the Hong Kong digital bank ZA Bank announced that its users can trade cryptocurrencies directly in their banking app. In addition, the U.S. appeals court ruled that the Office of Foreign Assets Control (OFAC) exceeded its authority by imposing sanctions on the cryptocurrency mixer Tornado Cash, after which the price of the TORN token soared nearly 10 times.