- Summary:
- Bitcoin price dropped over the weekend but made a strong return on Monday, signaling a likely new ATH this week, with the $100k mark in sight
Bitcoin price returned to the upside on Monday, trading at $91,716 at the time of writing after gaining 1.3 percent. The crypto coin declined over the weekend, recording its first successive two-day loss in two weeks. The new week presents another opportunity for BTC to attempt hitting a milestone $95k price, which would mean breaking its all-time high price of $93,483.
The $95k mark is a critical psychological barrier for Bitcoin price in its attempt to hit six figures. The two forces behind the current market rally are still in play, raising the prospect of reaching the $100k mark.
First, the propulsion force generated by Donald Trump’s election win has not waned and could potentially grow stronger when he announces measures toward the crypto regulatory space.
Secondly, while buyers are stocking up on Bitcoin, the impact of April’s halving event has constrained supply. That will add fuel to the price upside. Bitcoin price trades above key moving averages, signaling a strong upward momentum to sustain the current trajectory.
It is also likely that more institutions could follow Microstrategy in piling up Bitcoin in their portfolios. The crypto bellwether’s returns stand at 117 percent year-to-date, outperforming gold’s 25 percent gain.
Bitcoin price prediction
On the chart below, Bitcoin price pivots at 91,330, and the Relative Strength Index (RSI) momentum indicator favours the continuation of the upside above that level. With the buyers in control, BTCUSD will likely encounter the first resistance at 92,240. However, if the momentum strengthens, the price could break above that level and test 92,790.
On the other hand, moving below 91,330 will favour the sellers to be in control. If that happens, Bitcoin is likely to find initial support at 90,670. However, if the sellers extend their control, it could break below that level and test 89,990.
