“Unless Bitcoin overcomes this resistance, it may not rise!”
According to a report published by Cointelegraph, the “Trump rally” is over. The analysis attributes the end of the cycle to the failure to overcome the $98,000 resistance.
According to the data, the upward cycle may not continue until the BTC price breaks through $98,000. In fact, if BTC surpasses $98,000, it may rise to $110,000.
Bitcoin fell to $94,000 intraday. Although the leading cryptocurrency tested $96,000 four times, it failed to successfully break through any of them. BTC, which weakens with each test of resistance, could foreshadow a significant decline if it falls below $94,000.
According to crypto analyst Michael van de Poppe, the BTC price will not continue its upward momentum until it breaks through the $98,000 resistance level.
The analyst said: #BTCis patiently waiting to break $98,000 and reach $100,000. This may take some time. If we hit the bottom, my target will remain the same regardless."
Speaking before the U.S. presidential election, some analysts said that although BTC has seen an increase due to the influence of Trump, it lacks fundamental macroeconomic conditions.
Analysts say that BTC needs more institutional participants to hit new highs. The estimate is based on its correlation with the Global Macro Investor Total Liquidity Index, which points out that if BTC attracts institutional demand, it may reach $110,000 by early 2025.
An analyst named DonAlt emphasized that if it exceeds $98,000, the $110,000 resistance level will become a target. DonAlt said the possibility of a fall is also under consideration, saying: "If it closes above $98,000, BTC could move towards $110,000. On the other hand, if BTC loses the $90,000 support level, it could fall to $80,000.
Click to follow, if you have any questions that you don't understand, you need to consult or want to communicate and learn together. Read the introduction of the cooking industry, and enter the circle without fat