Bitcoin (BTC) is trading at $98,400, up 1.5% over the past 24 hours, signaling strong bullish momentum. The cryptocurrency remains above the crucial $98,000 pivot point, indicating that buyers are maintaining control. A breakout above this level could propel Bitcoin towards the immediate resistance at $99,200, with potential to test the psychological barrier of $101,000.
The rally is fueled by improved U.S.-Russia diplomatic relations, a lenient stance from the U.S. Securities and Exchange Commission (SEC) on cryptocurrency regulation, and dovish comments from Atlanta Fed President Raphael Bostic, which heightened expectations for another rate cut.
Additionally, the SEC’s approval of a yield-bearing stablecoin and the launch of the Cyber and Emerging Technologies Unit to safeguard retail investors have bolstered market confidence.
Bitcoin surged 2% to $98,409, with market dominance at 60.31%.
Improved U.S.-Russia relations and a lenient SEC stance fueled the rally.
Fed’s dovish comments and SEC’s stablecoin approval boosted confidence.
Institutional Demand Boosts Market Sentiment
Institutional interest continues to play a significant role in Bitcoin’s rise. Japanese publicly traded firm Metaplanet recently acquired an additional 69 BTC at an average price of $96,335, totaling approximately $6.6 million.
This purchase brings its total Bitcoin holdings to about 2,100 BTC, representing 0.01% of the total Bitcoin supply. Since announcing its Bitcoin strategy in April 2024, Metaplanet has aggressively accumulated BTC, up from just 141 BTC in June 2024.
The firm aims to expand its holdings to 10,000 BTC by the end of 2025 and 21,000 BTC by 2026, signaling long-term bullish sentiment. Notably, Metaplanet’s stock surged 2.8% to 6,290 yen ($42), reflecting strong investor confidence in its Bitcoin strategy.
Bitcoin Technical Analysis: Key Levels to Watch
Bitcoin’s technical outlook remains bullish as long as it stays above the $98,000 pivot point. The 50-Day Exponential Moving Average (EMA) at $97,000 acts as dynamic support, reinforcing upward momentum. Immediate resistance is at $99,200, with the next targets at $100,000 and $101,000.
However, if Bitcoin falls below $98,000, it could face selling pressure, with support at $96,900 and $95,900. A break below these levels could trigger a bearish reversal. Traders should watch the $98,000 pivot closely, as it holds the key to Bitcoin’s next move.
On the downside, if Bitcoin falls below the $98,000 pivot point, it could face selling pressure, with the first support at $96,900.
A further decline could target $95,900 and $95,100, which are critical support zones preventing a deeper correction. Traders should watch the $98,000 level closely, as a break below it could shift sentiment to bearish.
Key Insights:
Bullish Momentum Above $98,000: Bitcoin remains bullish above $98,000, targeting resistances at $99,200 and $101,000.
Dynamic Support at 50 EMA: The 50 EMA at $97,000 reinforces the bullish trend, acting as strong dynamic support.
Institutional Demand Drives Growth: Increasing institutional interest and a positive regulatory outlook continue to support Bitcoin’s bullish momentum.
BTC Bull: Earn Real Bitcoin Rewards
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The post Bitcoin Eyes $101,000: Bullish Momentum and Institutional Demand Drive Rally appeared first on Cryptonews.
