Bitcoin’s breakout from a bullish triangular pattern shows bullish pressure, making $98,400 a critical support for the digital asset

The other area is the $100k mark with $102k as positive in case of an extended uptrend according to analysts.#bitcoin

If the price drops below $98,400, it will drop to $96,000-97,000 and test the lower edge of the triangle on the chart.

Bitcoin recently showed a bright bullish triangle pattern on the 4-hour half candlestick chart pattern. This explosion that sent the price of Bitcoin above $98,600 is already causing joy among traders and analysts. This technical event is considered a good sign of a sustainable positive trend in the cryptocurrency market.

In recent days, Bitcoin price has been slowly and gradually rising on the downtrend, with higher lows being established. This is due to the volatility that was exerted against the resistance level near $98,400 which eventually led to Bitcoin breaking through the $98,900 level. The breakout on the chart shows that the bearish trend has changed to bullish since $98,400 turned from resistance to support.

Market Impacts and Outlook for Indicators

The $98,400 breakout level has turned into a current support level. If Bitcoin holds above this level, the path to higher valuations could open. Some of the most important resistance levels that traders are watching using this chart include the psychological $100,000 level. If this level is broken, Bitcoin could attempt to move to $102,000 and above in the coming sessions.

On the other hand, a price break below the $98,400 level opens up the possibility of a full pullback to the lower line of the ascending triangle located in the $96,000 area. This explosion of the ascending triangle as you will see has negative implications for the broader cryptocurrency market.

Second, major cryptocurrencies often take off in support from the leader and pioneer of the crypto industry – Bitcoin – with others copying it, similar to a relay race. The formation of higher lows for subsequent periods indicates growing investor confidence, while a successful breakout indicates that the move into a longer-term uptrend can continue.$BTC

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