- Bitcoin holds firm above $93,500 support and eyes $99,000 resistance as bullish structure strengthens with repeated breakout setups.
- BTC’s post-halving momentum remains intact as price action mirrors past cycles with consistent consolidation and upward continuation.
- Current price action between $93,383 and $98,628 shows bullish pressure building for a breakout toward six-figure territory.
As noted by Rekt Capital, Bitcoin is still strong because it clings to crucial support at $93,500 and is targeting a new breakout above $99,000. After being rejected at the $99K level, BTC has rebounded from the green range bottom. This retest validates a support point and upholds bullish momentum. The market is now watching the $97,000–$99,000 range closely. Breaking out of this area could propel prices towards the forecasted high of $98,628.
Market Structure Remains Bullish
BTC has been consistently going up since the start of 2023, forming higher highs and breaking through a number of resistance levels. Price consolidations, marked by orange rectangles, have always yielded to breakout to the higher side. 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 a sideways consolidation.
Source: Rekt Capital
Moreover, in April 2024, BTC surged above the $60,000 barrier, entering a new range. This breakout echoed previous market patterns. Following this move, Bitcoin peaked below $74,000 before correcting and retesting the newly established range. Significantly, this retest maintained the market’s bullish rhythm, reinforcing the trend.
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.
Besides, Bitcoin is now testing the black descending trendline. This lower high resistance line acts as a key breakout point. A confirmed move above $99,000 could open doors for a rally towards six-figure territory.
Furthermore, the repeated presence of orange retest circles indicates reliable market behavior. These areas mark crucial points where Bitcoin dips briefly before continuing its rise. Consequently, this rhythm gives traders confidence in the ongoing bullish cycle.
Currently, BTC trades at $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.
