The cryptocurrency market today remains stable with Bitcoin trading at 107,375 USD, up 0.3% in the last 24 hours. Altcoins like XRP, BNB, Solana, Dogecoin, SUI, and Cardano are also drawing attention as they record moderate increases from 1 to 4%. This indicates potential recovery in the current market context.
Is Bitcoin Entering a New Bull Cycle?
Based on the analysis of expert Michaël van de Poppe, Bitcoin is showing a very positive bullish structure, which could lead to new high prices in the near future. Recently, Bitcoin tested the liquidity level above 108K USD and paused, currently below the main resistance level.
This expert points out that the 110.5K USD level is a crucial breakout threshold. If Bitcoin surpasses this level, it is highly likely to bring about a new record price. This is similar to the previous breakout above 106.5K USD.
On the downside, he points out that the 105.5K USD to 104K USD range is a strong dip-buy area, while deeper support lies around 98.5K USD to 100K USD. A correction to these areas could create a similar bullish recovery as last week's setup.
Analysis on Resistance at 110K USD and Price Expectations
Although Bitcoin's momentum has somewhat slowed, experts still affirm that the bullish market is not over. The current MVRV ratio is 2.2, still below the peak level, indicating there is much room for further growth. An increase in MVRV momentum, combined with strong investment capital into ETFs, could push Bitcoin above 112K USD, with some experts predicting a level of 165K USD.
Bitcoin's next movement depends on breaking the resistance zone between 108K and 110K USD. Expert AlphaBTC suggests that strong momentum is needed to turn this area into support.
Final Resistance at 108K USD?
A correction to around 104K to 105K USD could help Bitcoin attract more liquidity, providing momentum for the next strong upward trend. Rekt Capital emphasizes that the 108K USD level is the 'final weekly major resistance' hindering Bitcoin from reaching new record price levels.
Expert Scott Melker believes that Bitcoin remains strong despite facing short-term volatility and macroeconomic instability. He explains that Bitcoin's stability reflects strong demand from institutions. In the past 12 days, Bitcoin ETF funds have recorded additional capital of up to 4 billion USD, showing solid confidence from investors. Despite global tensions, Bitcoin's growth trajectory remains robust.
Source: https://tintucbitcoin.com/bitcoin-sap-lap-dinh-moi-chuyen-gia-du-doan/
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