Bitcoin (BTC) Hits Crucial Resistance Level That Could Push or Halt Its Rally Toward a New All-Time High (ATH)

After jumping by 10% over the past week, Bitcoin (BTC) has hit a crucial resistance level, which could push or momentarily halt the flagship crypto's rally toward a new all-time high (ATH).

After bouncing back from a crucial support level, Bitcoin (BTC) is now facing a key resistance that could momentarily halt or push the flagship crypto's rally toward a new all-time high (ATH), according to Ben Armstrong, a crypto trader and influencer known as BitBoy, in a recent YouTube video.

Highlighting Bitcoin's resilience despite recent events, such as the collapse of FTX and the emerging threat of another crypto exchange, BitBoy noted that BTC has managed to stay afloat.

"It's amazing how, despite all the doom and gloom that people like to speak of, we're still seeing Bitcoin holding up remarkably well," he remarked.

Pointing out that Bitcoin is currently testing the lower timeframe resistance at around $99,000, which is the Fib (1.272) extension from the last swing low to high, BitBoy noted that this resistance is "aimed at being hit."

"We're expecting some form of reaction here at this Fib level, which is a common occurrence in markets," he explained.

According to the trader, if this resistance holds and pushes Bitcoin back down, it could fall to the Fib (0.618) level, which is around $93,500. However, he believes that this lower support will hold, preventing a steeper decline.

"If this lower support breaks, we might see a move down to Fib (0.382) at around $87,000, but I'm not really expecting that lower support to break."

Expecting a bounce back from this lower support to Fib (1.272) and a break above this resistance, BitBoy predicts that Bitcoin will then face another resistance at Fib (1.618), which is around $104,000-$105,000.

"After bouncing back from this lower support and breaking above Fib (1.272), we'll be looking at Fib (1.618) as the next resistance, which is a bit higher."

Once this resistance is broken, BitBoy believes that Bitcoin will continue its rally to Fib (2.0) for a final resistance test before attempting to break above and reach new ATHs.

"This Fib (2.0) is around $112,000, so we'll be testing that final resistance before making a move above it and finally hitting those new ATHs."

As Bitcoin attempts to break free from this final resistance and reach new highs, BitBoy anticipates a final reaction from sellers at Fib (1.618).

"I think we'll see one last attempt from sellers to react at Fib (1.618) to try and push Bitcoin back down. But ultimately, I believe buyers will prevail, and we'll see Bitcoin continuing its ascent to break through to new ATHs."