Bitcoin (BTC) Price Prediction: Will the Aggressive Move Above $90,000 Continue?

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Bitcoin traders were watching for a move above the yearly open, which could open the door to a continuation of the recent bull market.

What Happened: Bitcoin (CRYPTO: BTC) was last seen trading at $92,498, up 2.8% over the last 24 hours.

The largest cryptocurrency by market capitalization had risen strongly with good momentum above the $90,000 level and was seen trading toward the yearly open, which is sitting at $93,548.

If Bitcoin can break and close above the yearly open, it could continue toward the next round number at $100,000.

Yearly Open – $93,548: This is where Bitcoin is currently facing resistance, as price struggles to move decisively above it.

$89,400: This marks the 50% retracement of the recent swing low at $83,900 to the current local high at $94,904. If a pullback occurs, this level could serve as potential support.

$88,000s: This was a previous area of resistance where Bitcoin was rejected three times before finally breaking out. It may now act as support on a retest.

Related Link: Can Anything Stop Bitcoin From Hitting $100,000?

Why It's Important: After a period of consolidation and rejection at the $88,000 level, Bitcoin finally broke out higher, managing to close above the triple resistance at this price point.

This breakout led to a swift rally, testing the 50% Fibonacci retracement at $89,400 and continuing to move higher in an attempt to break above the yearly open at $93,548.

Bitcoin's ability to break out of the consolidation and continue rallying could be attributed to several factors, including the recent approval of the first spot Bitcoin ETF by the Securities and Exchange Commission.

This development has brought renewed optimism to the cryptocurrency market, as the ETF is expected to increase institutional interest and liquidity in Bitcoin.

Plus, recent data showed that the U.S. economy grew at a brisk pace in the third quarter, advancing at an annual rate of 2.9%, according to the Bureau of Economic Analysis.

This reading came in above economists' expectations for a 2.5% GDP growth and follows the previous quarter's estimate of a 2.4% rise in GDP.

The stellar GDP growth figures could bode well for Bitcoin, as it highlights the overall health and strength of the U.S. economy.

This economic strength could continue to drive up demand for Bitcoin as a hedge against inflation and market volatility.

What's Next: If Bitcoin manages to break above the yearly open and continue rallying, it could face strong resistance at the psychological price level of $100,000.

However, if sellers emerge at the yearly open and manage to push price lower, then the 50% Fibonacci retracement at $89,400 could offer some support.

Below this level, traders could watch for support at the $88,000 triple resistance level, which could come into play if price experiences further weakness.

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