Bitcoin is pumping: new highs likely if $101k breaks

Bitcoin has surged over the past 24 hours, breaking through critical resistance levels and now heading testing the $101,200 mark, the final major hurdle before a new all-time high comes into view. The rally is being fueled by strong technical support and renewed bullish momentum. The recent pump in Bitcoin’s ( BTC ) price is no accident. After testing a key support level at $94,300, the market bounced sharply, validating that zone as a firm base. This bounce coincided with a prior rejection from Fibonacci resistance, highlighting growing strength on the daily time frame. With higher lows forming week after week, the bullish market structure has remained intact, laying the groundwork for the explosive move we’re seeing today. Key technical points: Support confirmed at $94,300: Strong daily candle closes and wick rejections show buyer demand Bullish market structure intact: Higher lows throughout the consolidation period hint at continuation Key resistance ahead at $101,200: Final major level before a potential breakout into new all-time highs BTCUSDT (1D) Chart, Source: TradingView Bitcoin’s recent price behavior shows a textbook bullish reaction at support. The $94,244–$94,300 zone has been tested multiple times, with price wicks dipping below only to be aggressively bought up, a strong indication of demand. These repeated defenses have boosted trader confidence, solidifying the area as a springboard for higher prices. The market responded with a swift expansion, clearing local resistances and pushing toward the $100,000 zone. Adding further strength is the broader weekly structure. Each week during the recent consolidation has formed a higher low, reinforcing the bullish outlook. This consistent structure, paired with sustained closes above the $94,300 region, suggests accumulation and readiness for a breakout. Traders who spotted these bullish cues likely positioned early, fueling the current momentum. You might also like: BingX unveils ChainSpot: A CeDeFi innovation for simpler and safer on-chain trading Now, Bitcoin is testing the $101,200 resistance, arguably the last line of defense for bears before new all-time highs are in play. This level carries historical significance and acts as a key high-timeframe resistance. Given the velocity of this rally, a direct breakout may not occur immediately. Instead, it’s more likely that Bitcoin enters a consolidation phase, forming a new range between $94,300 and $101,200. What to expect in the coming price action Following such a strong rally, rotational consolidation between $94,300 and $101,200 is likely. If bulls maintain control above $94,300 and absorb selling pressure near $101,000, the chances of a breakout into price discovery increase significantly. Until then, traders should monitor volume and candle structure within this range, any breakout from here could set the tone for Bitcoin’s next major move. Read more: Missouri tax bill exempts crypto and stock gains from income tax

Source: crypto.news