Bitcoin Has Broken Through Major Resistance Levels, Signalling The Resurgence Of Bullish Momentum

Bitcoin has broken through major resistance levels, signaling a resurgence of bullish momentum that could fuel the next phase of its rally. The move comes as technical indicators align in favor of the bulls.

Bitcoin has breached a crucial resistance level, paving the way for the next phase of its rally. The move comes as technical indicators align in favor of the bulls, setting the stage for a sustained push toward new highs.

As Bitcoin’s price holds firmly above former barriers, and momentum indicators show signs of strength, confidence is shifting from skepticism to anticipation.

What Happened: ChartFreedom, a crypto trader known for spotting key levels, recently shared an update on X, (formerly Twitter,) highlighting that Bitcoin has now decisively breached the $94,274 resistance.

This breakout, accompanied by good momentum, suggests that bulls are still in command as Bitcoin continues its ascent to higher targets.

The 50 EMA, which has been instrumental in previous analysis, continues to serve as a dynamic support. This key moving average was tested during prior pullbacks, providing a reliable bounce zone that attests to the ongoing bullish structure.

Next Targets And Trading Strategy: ChartFreedom identified $98,691 as the next key level to watch. This zone coincides with previous highs and an important Fibonacci expansion level, making it a crucial resistance where traders may take profits or adjust their positions.

For optimal trading in this scenario, he recommends buying on dips, especially in the $94,274 area, which is now a strong support.

Even if Bitcoin experiences a minor retracement, the broader bullish outlook remains intact as long as the 50 EMA provides support for the coin’s price.

Key Breakout Indicators: Relative Strength Index, MACD And VolumeBitcoin’s recent price surge is backed by a confluence of strengthening technical indicators. Its Relative Strength Index (RSI) has moved above the neutral 50 level and is now in the bullish zone. This suggests that the rally still has room to extend.

Additionally, the MACD is displaying a clear bullish crossover, with the MACD line pulling ahead of the signal line. This occurrence, when spotted by traders, signals the potential for sustained price appreciation.

Further bolstering this momentum is a noticeable uptick in volume, which adds credence to the breakout. High volume accompanying bullish price action usually confirms that institutional and retail traders are participating in the move.