Bitcoin is struggling to break resistance above the $92.6K zone despite holding steady above $91K.
Currently, BTC is priced at $91,820 and holds 60% of the market share.
Bitcoin (BTC) has turned into a crucial digital asset to watch after reaching an all-time high of $93,434 on November 23, 2024. Following nine consecutive days of record-breaking highs, the flagship cryptocurrency has now settled above $91,500, maintaining steady momentum despite struggling to break past the $92,600 resistance level.
This significant rally in BTC prices is due to a series of developments in the U.S. Firstly, the proposed “Bitcoin Act of 2024” has sparked excitement, as it outlines plans to establish a “Strategic Bitcoin Reserve of 1,000,000 BTC” over the next five years.” Additionally, the government’s intention to acquire up to 200,000 BTC annually is seen as a bright move to position Bitcoin as a hedge against inflation and a cornerstone of economic stability.
At the time of writing, Bitcoin was priced at $91,820 with a market cap of $1.81 trillion—holding 60% of the market share. Further, the daily trading volume has surged by 75.59%, reaching $76.73 billion, hinting strong investor interest. Notably, the recent price action shows a 2.69% gain after an intraday low of $89,393.
Bitcoin Shows Strong Bullish Momentum—Eyes $100K
According to the daily BTC/USDT price chart, the technical indicators add optimism to BTC price directions. RSI is at 76.24, pointing to an overbought with strong bullish sentiment. Key moving averages, including the 21, 50, and 200-day metrics, indicate strong support around $90,100 and $91,250. This suggests that upward momentum remains intact.
Bitcoin (BTC) Price Chart (Source: TradingView)
Additionally, the Chaikin Money Flow (CMF) is at 0.20, reflecting strong capital inflows and sustained buying pressure, further supporting the bullish sentiment. However, the overbought RSI suggests consolidation or correction in the near term.
Meanwhile, investor confidence is rising toward upcoming regulatory clarity under the new administration following Donald Trump’s re-election. Moreover, repeated attempts to surpass the $92K level indicate significant buying pressure, further fueled by MicroStrategy’s ongoing BTC acquisitions.
According to the BTC price direction, a daily close above $93,530 could trigger a rally toward the much-anticipated $100K target. However, a key support level between $88,166–$80,010 and $74,544 (its 50-day EMA) could invalidate the bullish outlook if a correction occurs.