Bitcoin very clearly set a new floor at $100K, indicating that the market is moving in a new direction. Some analysts are already treating this level as the final bottom for the cryptocurrency, hinting that a new floor has been formed.
That $100k level, once a point of resistance, has quickly become an impenetrable support bedrock. A sustained breakdown below this level would send Bitcoin re-testing the $95,000 level, analysts think. Further support is expected around $90,000.
For this moment, $110,000 is the line of resistance that traders are watching most intently. Joe DiPasquale, CEO of cryptocurrency asset manager BitBull Capital shared some details about these key levels over email.
According to DiPasquale, a break through $110,000 might soon send Bitcoin shooting past $120,000. He mentioned the importance of the $100,000 support level.
While $100k appears to be a strong bottom, $110k is now the resistance level. I think it is stronger – and more relevant – than the current ATH at $112k. - Tim Enneking
Some crypto analysts are calling the $100,000 support level very bullish due to it dwarfing the present ATH of $112,000. This view highlights the psychological and market significance of holding this important floor of price support.
With Bitcoin around $105K, traders are watching $112K as the next key resistance—it’s both a Fibonacci extension level and a psychological target. - Joe DiPasquale
