Bitcoin has not justified the negative headlines of the entire week, as it stands at $100K.
The technical charts imply that a bullish continuation pattern is taking root.
The market indicators present good liquidity and long-term investors' confidence.
Bitcoin is showing its resilience in hard times. Seven days of the bearish news have been unable to shake the top cryptocurrency, and it has managed to maintain its ground just above the critical trading level of 100K, which at one point was a record high. The resilience in the market and the confidence of investors seem to be proving unabated as they hope a bullish run is setting in. And here is a deeper inspection of what the charts and the sentiment are indicating.
Jelle points to the strength of Bitcoin in a turbulent age.
In the opinion of Jelle, even a deluge of disastrous news this week had no chance of shoving Bitcoin down, but instead, the cryptocurrency proved that it could keep unfading above former maxes. In a tweet with a price chart, Jelle emphasized that Bitcoin is already maintaining its positions above the technical and psychological support level of $100,000, where the price is sitting at about $104,857. It is a major gem of market power, and someone believes in investors amid wider economic and geopolitical issues.
Source: X
The chart is attached, and it shows a bullish continuation pattern as the price is coiling a little above the previous resistance, which now seems to be acting as a support level. The cautious use of humor in Jelle's comments, where he requests some good news as a form of a test, highlights the feeling of optimism in the crypto community. This is deemed a positive indicator by market observers that Bitcoin could be establishing a base of a possible second echelon, as long as the external influences do not take away the momentum.
Bitcoin remains slightly volatile with the current price of $104,270.69 per coin after the latest update, which indicates that there has been a decrease in price of 0.15% within the past 24 hours. The market cap of the cryptocurrency is currently $2.07 trillion, and its 24-h trade volume is very high at $41.5 billion, but it has gone down by more than 15.22%.
Source: CoinMarketCap
In the chart, there is some decline towards the end of the day, presenting a modest market mood with a price range between $104.88K and $104.27K. Nonetheless, the decrease in value does not diminish its liquidity; the circulating supply of Bitcoin is almost at the limit; thus, it retains its commanding position in the crypto sphere.
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