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In a dramatic overnight move starting in the Asian trading session on Thursday, Bitcoin surged 7.5%, catapulting from $96,988 to a high of $104,000. This rally pushed the world’s leading cryptocurrency past the highly anticipated $100,000 milestone again.
As of last look, Bitcoin is trading at $102,560, pulling back slightly after the U.S. futures market opened. The retracement suggests some short-term profit-taking, but the broader sentiment remains strongly bullish as traders and investors assess the implications of the move.
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Shortly after Bitcoin’s surge, former President Donald Trump made headlines with a bold endorsement of American equities, further fueling market enthusiasm. Speaking at a press event, Trump declared:
“Americans should buy stocks now because of what’s coming down the pipeline.”
He added confidently:
“This country will hit a point that you better go out and buy stock now.”
“Let me tell you this. This country will be like a rocket ship that goes straight up. This is going to be numbers that nobody’s ever seen before.”
Trump’s comments, coupled with renewed optimism around a potential trade deal with China, appeared to stoke risk appetite across financial markets.
Bitcoin’s current price action is significant not just for its psychological impact but also for its technical context. The $102,560 level is particularly important, as it represents the weekly resistance where Bitcoin previously closed before beginning its sharp decline toward the $75,000 range.
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If Bitcoin manages to break and hold above this resistance on the weekly timeframe, it could pave the way for a new leg higher and solidify the bullish momentum. However, traders are also eyeing potential downside levels in case of a rejection at this key area.
Support Zones to Watch:
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$101,100: This marks a previous consolidation zone on the one-hour chart and may serve as initial intraday support.
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$100,000: A major psychological level that could act as a strong floor. If buyers defend this zone, it would reinforce the broader bullish narrative.
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$96,831: This is a notable daily demand zone, and it’s likely where fresh buyers may step in if a deeper pullback occurs.
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$93,327: A breach below this daily swing low could signal a shift in market structure, aligning Bitcoin with a more bearish outlook.
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