Bitcoin managed to stay above the $100,000 level for 30 days for the first time in its history. This success is considered an important psychological and structural threshold by cryptocurrency investors and market analysts.
After reaching an all-time high on May 22, Bitcoin fell 10% to $100,428, then rebounded over the weekend as buyers stepped in and rose to $105,000. On the first trading day of the week, it rose to $110,000, driven by optimism about US-China trade talks. This marked the first time since May 8 that Bitcoin has traded below $100,000 for 30 days.
Wolfe Research technical analyst Read Harvey stated that the breaking of this resistance and turning into a support level is a very positive signal and said:
“The fact that the price maintained this level during the test period, where it pulled back to $ 100,000, and coincided with the 50-day moving average, means a new bounce base in our opinion. This could be the harbinger of a new rise towards the $ 112,000 peak.”
DYOR CEO Ben Kurland argued that the $100,000 level is no longer just a speculative bubble, but a “new bottom” supported by institutional investments, ETF inflows and a maturing investor profile.
“The era of temporary rallies and rapid pullbacks is coming to an end. This structural support could be setting us up for Bitcoin’s next big rally. If $100,000 is the new bottom, $120,000-130,000 could be the next target area,” he said.
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On the other hand, Tyrone Ross, founder of 401 Financial, also stated that Bitcoin maintaining this level is a psychological threshold rather than a technical one, but said that this could be a driving force in terms of price increase:
“On-chain data shows long-term investors are selling. Institutional and ETF buying is strong, but retail investors are not yet fully back. The longer Bitcoin stays above $100,000, the more retail investors will be interested.”
*This is not investment advice.
Continue Reading: This Event Occurred for the First Time in Bitcoin’s History – Expert Analysts Share Their Latest Price Targets for BTC
