Bitcoin Maintains Strong Rise, Approaching the Psychological Level of $100,000

Bitcoin is showing an impressive upward momentum as the price has surged significantly from $74,434 in mid-April to nearly $97,232 at present. This rapid growth is reinforced by a strong increase in 24-hour trading volume, rising by 48.40%, indicating growing interest from investors and paving the way for further bullish trends. Currently, Bitcoin is testing key price levels, with strong support at $92,000 and nearby resistance at $98,000. If it breaks through the $98,000 level with increased volume, BTC has a strong chance of breaking out to the important psychological target of $100,000. Famous analyst Michael van de Poppe believes that Bitcoin has established a price bottom at yesterday's lowest level, marking the end of the accumulation phase and the beginning of a new growth cycle. He forecasts that, with the current bullish momentum, Bitcoin could break through the resistance level of $98,000 and reach $100,000 within the next two weeks.

Regarding technical indicators, the Relative Strength Index (RSI) is at 65, indicating that the market trend is leaning towards the buying side. If buying pressure continues to rise, the RSI may exceed the threshold of 70 and enter the overbought zone – a sign that a correction may occur in the short term. The MACD indicator (Moving Average Convergence Divergence) is showing mixed signals. Although the MACD line is still above the signal line – a positive sign indicating that the bullish trend is prevailing – the distance between these two lines is gradually narrowing, along with the decreasing green histogram, suggesting the possibility of a bearish crossover ( in the near future.

Overall, the price movement of Bitcoin in the support zone of $92,000 and the resistance of $98,000 will play a decisive role in establishing the short-term trend. If it can maintain the current momentum, Bitcoin could definitely create a spectacular breakout and move closer to the $100,000 mark – an iconic milestone in the development history of this digital asset.