News View Non-AMP

Why is Bitcoin Price Going Up Today?

Published by
Anjali Belgaumkar

The market has been showing signs of strength, especially with the recent break rally. This suggests that the bearish trend might be losing momentum, increasing the probability of an upward breakout. Altcoins are also looking promising, with several coins potentially completing their corrections and gearing up for the next upward movement in Q1.

Bitcoin is at a crucial juncture. The price is testing important resistance levels, and breaking above them could open the door for further upside potential. On the weekly Bitcoin chart, Bitcoin remains in a larger bull market. Although there has been a slight slowdown recently, it mirrors the pattern observed in 2023. In October of that year, a bullish crossover on the MACD preceded a significant upward move, which could potentially repeat itself.

MicroStrategy’s recent Bitcoin purchase is one of the main reasons behind Bitcoin’s recent surge. Led by Michael Saylor, the company continues to bet on Bitcoin’s long-term value. This rally is also part of a larger trend in the cryptocurrency market, fueled by factors like:

Institutional Interest: Big companies and investors are getting more involved in Bitcoin.

Clearer Regulations: More countries are providing clearer rules, making investors more confident.

Positive Economic Signals: Global financial concerns are driving people to Bitcoin as a safe asset.

Bitcoin as a Reserve: More companies are seeing Bitcoin as a valuable asset to hold for the long term.

What’s Next For Bitcoin?

Looking at the daily chart, Bitcoin has reacted to the 23.6% Fibonacci retracement level. This is an important support level, often seen in corrective phases. While it’s possible that Bitcoin’s current pullback might be complete, more evidence is needed before confirming this.

Curious about Bitcoin’s next move? Read Bitcoin price prediction to stay ahead of the market trends and uncover the future potential!

Bitcoin has not yet confirmed a local top. The recent rally started early yesterday, and it’s important to watch key resistance levels. The first key level to look out for is the previous swing high at $97,450. If Bitcoin tests and surpasses this level, it could signal further upward movement.

Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

Recent Posts

Bitcoin ETFs Face $100M Outflows as Markets Plunge Following Trump’s Tariff Shock

On Thursday, U.S. spot Bitcoin ETFs faced $99.86 million in net outflows as the stock…

April 4, 2025

Ethereum (ETH) Price Prediction for April 2025

Ethereum (ETH/USD) price held a crucial support range between $1,755 and $1,800 as the United…

April 4, 2025

Why Crypto Is Down Today: Traders React to Tariffs, Eye Fed’s Next Move

The crypto market has hit a rough patch, slipping to $2.65 trillion after a 1.02%…

April 4, 2025

Fed Rate Cut Decision in Focus Amid Crypto Volatility and Recession Fears

Crypto markets experienced sharp ups and downs on Wednesday and Thursday ahead of President Trump’s…

April 4, 2025

Zoomex Review: The New Crypto Exchange with Many User-Focused Features

Since launching in 2021, Zoomex has quickly made a name for itself as a crypto…

April 4, 2025

Bitcoin Price Prediction 2025- BTC Price May Revamp Bull Run Only After Reaching These Levels

The crypto markets were heavily consolidating ahead of Trump’s Liberation Day, where new tariffs were…

April 4, 2025