Bitcoin Poised for ATH: Will the $115k Resistance Hold or Break?

3 mins mins

Key Insights:

Bitcoin’s $115k resistance is a key hurdle for a potential ATH breakout.
Bitcoin follows a proven 5-step playbook predicting further gains.
Accumulator wallets surge, signaling long-term confidence despite short-term volatility.

Bitcoin’s price has been gaining momentum recently, leading many analysts to predict the cryptocurrency is on track to reach an all-time high (ATH). While some are confident in Bitcoin’s upward trajectory, others remain cautious about the resistance that lies ahead.

Merlijn The Trader, a well-known market analyst, stated that Bitcoin is following a 5-step playbook that has historically led to ATHs. He suggests that the current market setup mirrors previous cycles, which ended in significant gains.

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He noted that every time this setup appears, the result is the same: All-Time High. Moreover, he has emphasized that Bitcoin is in step three of this process, and the final phase often ends with fireworks.

Resistance at $115k and Current Price Movement

Notably, Bitcoin has approached the $115,000 level multiple times, but it has struggled to break through this key resistance. Michaël van de Poppe noted that, despite a strong day for Bitcoin, it was unable to surpass this price point.

According to Michaël van de Poppe, Yesterday was a good day, but it couldn’t crack the first resistance level around $115k. The next few days will be crucial in determining if Bitcoin can retest this resistance and continue moving higher.

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At the time of writing, Bitcoin is trading at $114,105, with a 24-hour trading volume of $59.8 billion. Despite the slight dip of 0.04% over the last 24 hours, the price is still hovering near its resistance point of $115k. If the resistance breaks, it could signal a potential rally toward new all-time highs.

Bitcoin’s Market Behavior

Meanwhile, the market is currently seeing contrasting behaviors as Bitcoin faces pressure from both selling and buying forces. Merlijn, the Trader, highlighted a growing trend of panic selling on one side, while relentless buying continues on the other.

He noted that the number of accumulative Bitcoin wallets has surged, with these wallets showing a significant increase in activity. Accumulator wallets just hit one of their biggest spikes of the year.

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Long-term holders may be preparing for a continued rise in Bitcoin’s price, despite short-term volatility. “They only buy, they never sell,” he remarked.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.