Bitcoin Set for A Pullback Before Next Surge Above $110K?
Bitcoin placed a new all-time high just below $10,000 last week, but the weekly candlestick points to a pullback to $90K before the next pop higher.
Bitcoin had an impressive year, from October 2023 until December last year, increasing more than 400% in value, from around $25,000 to above $100,000 by the middle of last month. The price made another new record high last week, but BTC/USD is in consolidation mode nonetheless.
The price has formed a support zone around the $90,000 level, which has held on numerous occasions in the last two months. This shows that buyer are jumping in as the price retraced lower to that level, which seems to be the case right now. Earlier this month, we saw a strong jump of this support zone, sending the price $20,000 higher until Tuesday last week, as the new record high at $109,870 was put in place.
Bitcoin Chart Daily – Waiting to Buy the Pullback at $90K
However, sellers entered the market and sent the price of Bitcoin lower, with the week ending close to the level where it opened, just below the $105K level. A doji candlestick formed on the weekly chart last week, which indicates a retrace lower this week, so we are waiting for the price to fall below $100K, hopefully to $90k where we plan to buy Bitcoin, with the 20 weekly SMA (gray) also waiting to provide support down there.
Bitcoin Traders Eye Opportunities Amid Government’s Digital Asset Exploration
The cryptocurrency community has reacted with a mix of anticipation and caution to Donald Trump’s recent executive order, which establishes a task force to explore the potential of a national digital asset reserve. While the order does not explicitly mention Bitcoin, it strongly suggests growing government interest in digital currencies.
This development has sparked speculation among Bitcoin investors, who see it as a step toward mainstream financial acceptance. Traders are closely watching for signs of official recognition, viewing any price pullbacks as strategic buying opportunities. As a result, if sellers manage to drive Bitcoin down to the $90,000 level, it could present an attractive entry point for long positions.
Bitcoin Live Chart
