Bitcoin has shown a slight uptrend on Friday morning, which suggests that it is trying to break out of recent consolidation. However, it is important to note that there can be a lot of volatility between the current level and $100,000. If Bitcoin crosses the $100,000 level, it could reach the top of its overall range. This market has been moving sideways for a long time, and now it remains to be seen whether it will be able to continue the uptrend.
Bitcoin Rally: What is the current situation?
The reason for the recent rise in Bitcoin is believed to be Wall Street ETFs and Donald Trump’s pro-crypto stance. However, so far the Trump administration has not taken any concrete steps, due to which the sideways movement in the market remains. In this situation, there is little chance of a big change in the price of Bitcoin.
Bitcoin Support Levels
Every time the market falls, buyers see it as an opportunity. Support at the $90,000 and $88,000 levels is strong, and as long as the price remains above this level, there is no need to worry about a decline.
Bitcoin Resistance
The $110,000 level is a major resistance. A big rally in Bitcoin can be expected only after crossing this level. If this level is broken, Bitcoin can reach $130,000.
Bitcoin Trading Strategy
At the moment, there is no clear direction in the price of Bitcoin. In such a case, using short-term dips to buy more bitcoins can be a good strategy.
