Bitcoin continues to show steady growth, holding above key support at $93,500 and targeting $99,000, indicating a strengthening bullish trend.
Market Structure Remains Bullish
Since the beginning of 2023, Bitcoin has been consistently increasing in value, forming higher highs and breaking through several resistance levels. Price consolidations have shown a tendency to break out to new highs. Between mid-2023 and early 2024, Bitcoin managed to break above levels at $31,000, $38,000, and $44,000. Each bullish rally was followed by sideways movement.
Halving Fuels Upward Momentum
The halving event on April 15, 2024, added momentum to Bitcoin's trajectory. Historically, halvings reduce supply and ignite price rallies. This cycle is proving no different. Post-halving, Bitcoin entered a descending triangle pattern defined by lower highs and steady support around $60,000. Eventually, this structure broke to the upside, propelling the price above $85,000.
Current Market Situation
Currently, Bitcoin trades around $96,980, nearing its previous high. The price remains within the key range of $93,383 to $98,628. A sustained move above this zone would confirm a fresh bullish breakout. Until then, Bitcoin continues to hold firm, building pressure for its next major move.
Bitcoin maintains a bullish structure and aims to break the important resistance level at $99,000. Current signals indicate the potential for further growth, drawing interest from traders.
