Bitcoin's recent accumulation phase has increased the likelihood of an upward breakout, targeting the $104,000-$105,000 resistance zone, according to crypto trader Michaël van de Poppe. Currently trading around $95,332, Bitcoin briefly touched $96,000 earlier today. Van de Poppe highlights the importance of maintaining support between $88,000 and $90,000 to sustain the bullish outlook.
The analysis comes amid a backdrop of cooling U.S. inflation, which has bolstered trader optimism and driven gains in major altcoins. Bitcoin's resilience, recovering from levels around $91,195-$94,240, reflects broader market strength. Altcoins are also experiencing increased trading volumes and project developments, suggesting a potential altseason.
Van de Poppe's insights emphasize the significance of technical levels in navigating crypto volatility. As Bitcoin's dominance remains steady, the market is poised for potential upward movements, with institutional adoption and regulatory clarity playing key roles. Traders are advised to monitor these critical zones closely.
Bitcoin Eyes $104K Resistance as Accumulation Signals Bullish Breakout
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