Bitcoin Surges 11.75% Weekly, Eyes $96,000 Resistance

Bitcoin has been on a strong upward trajectory, with its price escalating from a local low of $83,000 to nearly $95,000. As of now, Bitcoin is trading around $94,061, reflecting a significant weekly gain of 11.75%. This surge indicates a robust bullish trend, supported by various technical analysis tools, including the Moving Average Convergence Divergence (MACD) which has skyrocketed from 137 to a year-to-date high of 2814. Such an uptick in the MACD often signals a strong bullish trend, indicating further price movement in this upward direction.

This momentum is likely to persist if demand remains robust. The rise in active buyers indicates a healthy market environment. Recent analyses show that Bitcoin is benefiting from strong bullish sentiment among traders. Investors, particularly institutional players, are positioning themselves strategically. The positive Fund Market Premium of 0.2 suggests growing enthusiasm and fear of missing out (FOMO) among market participants. This heightened demand extends beyond retail investors, as institutions increasingly recognize Bitcoin’s value. Additionally, a declining Fund Flow Ratio of 0.078 indicates a shift toward long-term holding behaviors among investors.

The critical price level to watch remains $96,000, where a successful flip could lead to sustained upward movement. This level carries importance as it marks entry points for many short-term traders. Transitions to flipping $96,000 into a support zone may pave the way for BTC to approach and potentially breach $100,000. However, market corrections might occur as recent gainers take profits, keeping BTC within the $88,000 to $94,000 range.

Bitcoin has faced resistance at $96,000, failing to breach this level and experiencing a subsequent drop. The $96,000 mark has proven to be a strong resistance level for Bitcoin since February 2025. Every attempt to surpass this level has been met with significant selling pressure, highlighting the importance of this psychological barrier. The immediate resistance for Bitcoin is around $96,000, with key support levels at $93,000 and $92,000. These levels will be crucial in determining Bitcoin's next move, as a breakout above $96,000 could signal a potential rally, while a drop below $92,000 could indicate a bearish trend.

In summary, Bitcoin’s current trajectory reflects increasing bullish sentiment, supported by various indicators and active demand. Successfully reclaiming and establishing $96,000 as a support will be indicative of the next leg in its upward journey. Traders and investors should keep a vigilant eye on market activities as they unfold. According to the analyst's forecast, flipping $96,000 is vital for sustaining momentum toward a rally.