Bitcoin reaches 97.5 thousand dollars: Bullish Wave
The Bitcoin currency surged to a new record high this week, surpassing the 97 thousand dollar mark to peak at 97,546 dollars, amid a buying wave driven by strong institutional inflows and increasing expectations for interest rate cuts in the United States.
This rise came after days of tight trading between 93,000 and 96,000 dollars, with the total market capitalization of cryptocurrencies reaching 1.90 trillion dollars, while the daily trading volume exceeded 29.8 billion dollars, according to data from crypto.news.
The current rise reflects gains of nearly 30% since mid-April, when Bitcoin broke a long consolidation phase, stabilizing around the 74,400 dollar level, thus confirming a technical shift towards an upward trajectory. This trend is supported by positive technical indicators, most notably the double bottom pattern, the breakout of the ascending flag pattern, as well as avoiding the formation of a negative "death cross" pattern.
Analysts indicate that technical support is currently stable in the range of 88,000–90,000 dollars, while any decline towards 92,000 dollars may present a buying opportunity, provided that sufficient trading volumes are available. Conversely, breaking the 88,000 level may signal a broader correction wave.
