Bitcoin has had an impressive run since the start of the week. It had a notable increase on Monday, breaking its previous week’s trend of relatively low volatility.
The asset saw a massive spike in trading volume during that session. Data from CoinMarketCap showed a 147% increase in buying and selling activity during the period. Notably, the buying pressure surpassed the latter, resulting in a price surge.
BTC opened Monday at $85,197 and surged to a high of $88,527, breaking the level for the first time since Apr 1.
Tuesday saw the asset continue its trend, registering one of its most significant increases in over a week. The largest coin broke above $90k for the first time in almost two months. It closed the previous session with gains of more than 6%.
Bitcoin Faces Further Uncertainty
The massive increase the asset experienced sparked several speculations. Investors resumed calls for a new all-time high, but others remain skeptical about the next price direction due to concerns about uncertainty.
It is worth noting that the crypto market was subject to massive price declines following changes in trade policies. Trump’s tariff gave rise to several fears. One such is a rise in inflation that may lead to recession. A temporary pause to these actions had a slight effect in quelling these concerns, as investors look forward to what may happen after it resumes.
The uncertainty looms. Nonetheless, traders predict that Bitcoin may hit fresh highs in the coming days. Calls of a bear market have decreased, with some analysts suggesting price levels that may prompt them to admit they were wrong.
One such analyst is the CEO of CryptoQuant. Ki Young Ju said BTC may be moving within a wide range, and the latest surge may mean nothing. Nonetheless, he stated that if the asset crosses $100k, he will gladly admit that his bear cycle prediction was wrong.
Will BTC Break $100k?
The CEO mentioned that he would admit he’s wrong if BTC hit $100,000. However, he pointed out a trend that has played out since Donald Trump became President of the United States. He said, “in a market that reacts to every Trump comment, short-term price actions are much more event-driven.”
Investors continue to move with the wave of fundamentals from the President. It is gradually becoming the norm. Young Ju stated that analysts will find it difficult to predict the next price action, as price action is less data-driven.
Nonetheless, based on chart readings, Bitcoin is likely to experience significant selling pressure in the coming days. The one-day chart shows that the asset broke above the bollinger bands during the previous intraday session. On several occasions, such breakout signifies an impending trend reversal.
The apex coin is struggling to continue the uptrend at the time of writing. It attempted to break the $95k resistance but failed due to notable selling pressure at $94,700. It retraced to a low of $93,305 but rebounded and trades close to its opening price.
Previous price movements suggest that the largest must reclaim trading above $95k to guarantee a climb to $100k. The coin traded between $95,000 and $99,000 before breaking above the highlighted. This may not happen this week.
It is worth noting that Bitcoin may dip below $92k before rebounding, as there is no notable support before the mark. It risks slipping below $90k if trading conditions worsen.
