Bitcoin Price Eyes $106K Target Amid Trump’s Crypto Boost
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Bitcoin price is poised to cross the $95,000 threshold. Analysts are optimistic about the $106,000 level. The cryptocurrency’s bullish momentum is bolstered by technical factors. Renewed market sentiment driven by Donald Trump’s pro-crypto policies aids BTC’s recent run.
Nevertheless, traders continue to be cautious, watching out for pullback zones at $85k and $81k before the next leg up.
Bitcoin Price Analysis: Strong Uptrend With Resistance AheadBitcoin’s daily chart signals an upward trajectory marked by higher highs and lows, eventually driving Bitcoin to the $93,509 mark The cryptocurrency has been trading above the ascending trendlines providing support during pullbacks.
Current consolidation at the top of the trend may indicate some uncertainty due to higher price volatility at the $95,000 resistance level.
The Relative Strength Index (RSI) is at 74.38, pointing to overbought territory and increasing the chance of retracement or consolidation.
As long as the uptrend continues, analysts advise caution as RSI slows down suggesting waning bullish strength. Thus, the breakout above $95,000 may pave the way for further price increases toward the $100,000 mark and beyond.
If it does not consolidate the present progress, downside barriers are at $85,000 or $81,000. These levels are regarded as entry points for conservative traders to buy. Meanwhile, the short-term trends remain generally bullish. However, traders are also focusing on the increased volume to confirm an additional upward move.
BTC_JackSparrow’s Insights: Rally or Pullback?The following are two short-term trades described by analyst BTC_JackSparrow.
