Why is Bitcoin Price Going Up Today?

The market has been showing signs of strength, especially with the recent break rally. This suggests that the bearish trend might be losing momentum, increasing the probability of an upward breakout. Altcoins are also looking promising, with several coins potentially completing their corrections and gearing up for the next upward movement in Q1.

Bitcoin is at a crucial juncture. The price is testing important resistance levels, and breaking above them could open the door for further upside potential. On the weekly Bitcoin chart, Bitcoin remains in a larger bull market. Although there has been a slight slowdown recently, it mirrors the pattern observed in 2023. In October of that year, a bullish crossover on the MACD preceded a significant upward move, which could potentially repeat itself.

MicroStrategy’s recent Bitcoin purchase is one of the main reasons behind Bitcoin’s recent surge. Led by Michael Saylor, the company continues to bet on Bitcoin’s long-term value. This rally is also part of a larger trend in the cryptocurrency market, fueled by factors like:

Institutional Interest: Big companies and investors are getting more involved in Bitcoin.

Clearer Regulations: More countries are providing clearer rules, making investors more confident.

Positive Economic Signals: Global financial concerns are driving people to Bitcoin as a safe asset.

Bitcoin as a Reserve: More companies are seeing Bitcoin as a valuable asset to hold for the long term.

What’s Next For Bitcoin?

Looking at the daily chart, Bitcoin has reacted to the 23.6% Fibonacci retracement level. This is an important support level, often seen in corrective phases. While it’s possible that Bitcoin’s current pullback might be complete, more evidence is needed before confirming this.

Bitcoin has not yet confirmed a local top. The recent rally started early yesterday, and it’s important to watch key resistance levels. The first key level to look out for is the previous swing high at $97,450. If Bitcoin tests and surpasses this level, it could signal further upward movement.

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