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Bitcoin (BTC) is poised to reach the $100,000 milestone as it trades just shy of this historic level. Over the past few days, BTC has consistently achieved new all-time highs, fueled by heightened bullish volatility dominating the market. The price leveraged support from a bullish trendline that emerged within a channel, linking prior lows and propelling the uptrend.
This bullish displacement has decisively breached previous resistance levels. After a retest, BTC’s upward momentum has remained robust, with the daily chart showing no significant pullback, highlighting the relentless buying pressure. The price temporarily stalled at $93,483, but bullish forces swiftly reclaimed higher ground, taking out the swing high almost immediately.
BTC Key Levels
Demand Levels: $93,943, $73,794, $70,016
Supply Levels: $100,000, $120,000, $150,000
What Are the Indicators Saying?
1. Volume Indicator:
Transaction volume has surged notably since BTC broke out of the bearish parallel channel on the daily chart. This surge reflects heightened demand, reinforcing sustained buying pressure.
2. ADX (Average Directional Index):
The ADX reading has exceeded 50, signalling a strong, directional bullish trend that continues to dominate market activity.
3. ATR (Average True Range):
The ATR indicates increased market volatility, with BTC covering wider daily price ranges as it surges toward $100,000.
BTC’s current trajectory suggests that the psychological $100,000 mark is within reach, with supply levels at $120,000 and $150,000 potentially coming into play if the bullish momentum persists.
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