Bitcoin Price Volatility: Will BTC Hit New ATH This Weekend?
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Bitcoin (BTC) is experiencing price fluctuations, attempting to maintain support around $105,000-$106,000. Analysts are closely watching the daily and weekly closes, as these could significantly impact the short-term price trajectory. Analyst Sjuul from AltCryptoGems observes that a successful rebound from this critical support level would indicate a bullish trend, potentially leading to further expansion based on a two-month Power of Three (Po3) setup. However, BTC remains within a two-month range, suggesting continued volatility until a decisive breakout above $110,000, where significant liquidity exists. Meanwhile, Rekt Capital highlights Bitcoin's recent breakouts from two 2-week downtrends, but notes a rejection from a crucial 6-week diagonal downtrend around $108,000. The current price action is viewed as a retest of this resistance; a daily close above this level would solidify it as new support and potentially pave the way for a new all-time high (ATH). However, the analyst cautions that the upcoming weekly close, near the $109,000 resistance, will be pivotal. A successful close above this level would confirm a break from major resistance, potentially unlocking a new ATH. The weekend is anticipated to be particularly volatile, making the final price outcome uncertain. The analysts' differing perspectives emphasize the importance of monitoring key support and resistance levels, daily and weekly closes, and overall market sentiment to gauge Bitcoin's potential price movement. The potential for both significant gains and losses makes this a crucial period for Bitcoin investors.
