Bitcoin ($BTC), the top crypto asset, has recently experienced a noteworthy upward price movement. As per Axel Adler Jr., the Bitcoin ($BTC) is facing key resistance at the $96K mark while eyeing $100K as the nearest price target. The popular crypto analyst took to social media to offer insights into Bitcoin’s latest upward trajectory to the $100K spot.
Bitcoin Sees $96K as Key Resistance While Moving towards Next Price Target of $100K
The analyst considers the present position of Bitcoin as a crucial moment for its movement in the near term. Hence, rising above the key resistance existing at the $96K level could push Bitcoin ($BTC) to additional heights. Now, $100K is the closest price target.
The above-mentioned resistance is reportedly posed by the $BTC holders who have kept their holdings for nearly 3 to 6 months. They represent the investors who may sell their $BTC holdings at the present crucial threshold. Surpassing the $96K level could lead toward the next price target that stands at $100K. It plays the role of a psychological level and has captured the community’s attention for a notable period.
Successful Breakthrough above $96 Could Lead to $100K
According to Axel Adler Jr., the ongoing price movement of Bitcoin ($BTC) points toward a notable interplay between the resistance and support levels. At the moment, the $96K shows an important resistance threshold. Moreover, Bitcoin’s realized prices for the minor holders are also among the key metrics impacting $BTC’s capability for a breakthrough above the $96K level.
