🟡 Bitcoin Holds Above 78.6% Fibonacci Level: Can Bulls Push Past $106k?

Bitcoin maintains strength above $91,780, the 78.6% Fibonacci level, hinting at a potential bullish continuation. Can BTC set a new all-time high soon?

After a 10% jump last week, Bitcoin trades at $94,000, with a bullish start to the week. Bitcoin records an intraday recovery of 0.33% after forming a 24-hour low at $92,846.

Will this short-term recovery prolong the prevailing bullish trend for a new all-time high?

🔸 #Bitcoin Price Analysis

In the daily chart, the double bottom breakout rally in Bitcoin price trend has surpassed the 78.60% Fibonacci level at $91,780. At present, after the short consolidation, Bitcoin hints at a continued bull trend.

The overall recovery has nullified the chances of a “Death Cross” between the 50 and 200 EMA lines. Additionally, the positive turnaround in the 50-day EMA line is ready to surpass the 100-day EMA line for a positive crossover, signaling a potential bullish extension.

However, due to the short consolidation, the MACD and signal lines witness a minor pullback in trend momentum. This leads to a declining trend in bullish histograms, increasing the possibility of a negative crossover.

Based on the Fibonacci levels, a post-retest reversal from the 78.60% level will hit the $106,000 mark. In case of a breakout rally, the new all-time high for BTC could scale to $127,800 at the 1.272 Fibonacci level.

🔸 Analyst Spots Multiple Bullish Factors Supporting #BTC Bull Run

Analyst Ali Martinez has highlighted an increased demand for Bitcoin in the market, likely to drive the bullish trend. In his recent tweet, Martinez shared Glassnode data highlighting that nearly 100 entities holding more than 1,000 BTC have joined the network since late January.

With the entry of new Bitcoin investors, the Bitcoin accumulation trend score is approaching the upper ceiling of 1. This signals intense accumulation and growing confidence among strong holders.