Bitcoin Price Forecast: Bulls Target a Break Above $98,000 After Defending the $90,000 Support
Weekly Bitcoin Price Analysis
Despite a bearish tone following last week’s close, bitcoin bulls successfully upheld the critical $90,000 support level and pushed prices toward the resistance near $98,000. After retreating from this point, bitcoin ended the week at approximately $93,638. Looking ahead to this week, bulls are expected to attempt another surge toward the $98,000 resistance zone and potentially aim for an upper target around $103,500 if they can maintain momentum above that threshold. Early in the week, it will be crucial for support near $91,400 to hold firm in order for bullish momentum to continue.
Current Key Support and Resistance Levels
The buyers have made noticeable headway by chipping away at overhead resistance levels. This week’s focus will be on reclaiming short-term support around $94,000. Should this level hold with sustained buying pressure, bulls are likely to challenge resistance again at about $98,000 and push further toward the higher boundary of this range near $103,500. Closing sessions above this zone could pave the way for an advance into stronger resistance between roughly $106,000 and $109,000. Beyond that lies a significant hurdle around $116,000 corresponding with the 0.786 Fibonacci retracement level—if bullish strength persists.
Bulls must staunchly defend support at approximately $91,</span;400; failure here may embolden bears to push prices lower once again. The next line of defense is near $</span;87,;below which lies major support close to $</span;84,. A breakdown beneath that would open up downside risk towards lows in the low seventy-thousands range.
This Week’s Market Outlook
Bulls should look to build on their recent resilience as they approach another test of key levels early in this new trading period. Regaining control over short-term support near $94,000;
However , there remains potential for a bearish probe down towards &# 36 ; 91 , 400 if selling pressure intensifies . Provided buyers can sustain that critical floor , bullish sentiment stays intact with renewed attempts targeting &# 36 ; 98 , 00 &# x0A ;
Market Sentiment : Slightly Bullish – Buyers demonstrated solid defense holding above & # x24 ;90 ,00 , positioning price action favorably heading into upcoming sessions .
The Coming Weeks:
Bulls have retained some upward momentum over recent days but now face increasingly stiff opposition from key resistance zones ahead . If prices climb beyond & # x24 ;100 ,00 , traders should prepare for possible major reversals within ranges spanning roughly& # x24 ;103 ,50 – 109 ,00 . This area is expected to act as formidable supply where sharp pullbacks might occur . Holding supports beyond these points will be vital in determining whether rallies extend toward new highs or succumb leading into corrections below$80K.
Glossary:
Bullish/Bulls:
Investors anticipating rising asset values or buying pressure pushing prices upward.
Bearish/Bears:
Traders expecting declines or selling activity driving prices downward.
Sustain Level (Support):
Price floors where demand typically halts declines temporarily though repeated tests weaken these levels.
Difficulties Level (Resistance):
Price ceilings prone initially blocking advances but vulnerable after multiple retests.
Fibonacci Ratios :
Mathematical proportions derived from nature ’ s golden ratio Phi (~1 .618) used widely by traders identifying potential reversal points based on historical price swings .
This analysis titled “Bitcoin Price Forecast: Bulls Target Breakout Above$98K Following Defense Of$90K Zone” originally appeared on Bitcoin Magazine authored by Ethan Greene – Feral Analysis along with Juan Galt.