Bitcoin has sustained strong momentum, rising from its mid-April level of $74,434 to nearly $97,232 at press time. A sharp 48.40% increase in 24-hour trading volume reflects growing investor interest and supports the potential for further gains.
BTC tests vital price thresholds where $92,000 functions as a support level and $98,000 stands as resistance. A substantial rise above $98,000, backed by intensified trading volume, could propel Bitcoin towards reaching its primary psychological target at $100,000.
Analyst Michael van de Poppe believes Bitcoin has established a price floor at yesterday’s lows, marking the end of a consolidation phase. He suggests that Bitcoin is entering a new growth cycle with strong momentum, potentially breaking above $98,000 and reaching the $100,000 mark within the next two weeks.
Source: X
The Relative Strength Index shows a value of 65, which indicates a bullish trend. If buying pressure increases, it could surpass 70 and enter overbought territory. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator displays mixed signals. The MACD line is above the signal line, which suggests bullish momentum, but the narrow gap between the lines and the declining green histogram hints at a possible bearish crossover.
Source: TradingView
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Bitcoin’s upcoming price movement around key support and resistance levels will be crucial in determining whether it can achieve the short-term target of $100,000. The current uptrend shows strong momentum, signaling the potential for further explosive growth.
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