Bitcoin’s Upward Momentum Hinges on Key Support Level

The future price trajectory of Bitcoin depends on its ability to stay above the critical support level of $89,260, according to Singapore-based blockchain firm Matrixport. This threshold is seen as pivotal for the cryptocurrency’s continued upward momentum.

After breaking out of a narrowing wedge pattern, Bitcoin’s price is now retesting the breakout level at $98,042, a critical area for its price momentum. Independent analyst Markus Thielen notes that if BTC stays above the support, the short-term outlook will remain “highly bullish.”

“Bitcoin is now retesting the breakout level.”

Since mid-November, Bitcoin’s price has been moving within a wedge pattern, influenced by a mix of factors including inflation concerns and optimism around potential strategic moves in the market.

Key Factors to Watch

For Bitcoin’s price to maintain its bullish outlook, it must defend the support level in the coming days. As of press time, Bitcoin is trading at $103,497, while the total crypto market cap sits at $3.56 trillion.

Some key points to consider when analyzing Bitcoin’s price include:

  • Defending the key support level of $89,260
  • Retesting the breakout level at $98,042
  • Maintaining a bullish outlook in the short term
  • Monitoring the total crypto market cap

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