Bitcoin has been accumulating momentum for a long time

The daily chart of Bitcoin shows a volatile upward trend. The current price is $97,761.84, with a daily increase of 0.27%. It can be observed from the chart that Bitcoin has experienced a round of strong rise since the fourth quarter of 2024, breaking through the previous downward channel. After forming a breakthrough point in November, it opened a clear upward channel.

At present, the price of Bitcoin is running near the middle track of the rising channel, and the lower support level is roughly around $91,644, which has been supported by buying many times. The upper short-term resistance level is between $106,660 and $107,455. These two price levels are the stage highs formed in the previous two rises, indicating that there is strong selling pressure in the market in this area.

From a technical perspective, Bitcoin is currently operating in the rising channel, and the price is close to the middle track of the channel. If the price further breaks through and stabilizes the $100,000 integer mark, it is expected to challenge the upper track of the channel at $112,000. Judging from the future trend forecast path marked on the chart, there may be two development scenarios in the market:

Strong breakthrough: If the price of Bitcoin can break through the key pressure zone of $100,000, it is expected to quickly rise to $105,000 or even $110,000.

Oscillating callback: If the price fails to break through $100,000 under pressure, it may fall back to the lower track support of the channel in the short term, that is, the $91,000 to $95,000 area. Once the support is confirmed to be valid, it may launch another upward attack.

In addition, the longer-term red rising trend line, which forms a resonance support with the lower track of the channel, further consolidates the buying power below. This means that even if there is a short-term callback, as long as it does not fall below the trend line, the overall upward trend of Bitcoin remains intact.

Fundamentally, the market pays close attention to the upcoming Bitcoin halving event in 2025, and this positive factor further strengthens the market's bullish sentiment. At the same time, the continuous entry of institutional investors has enhanced the liquidity of the Bitcoin market and the price fluctuation range has converged compared with previous years.

In summary, Bitcoin is currently in a strong upward channel. In the short term, we should pay attention to the breakthrough of the $100,000 pressure. If it breaks through, it is expected to start a new round of rising market. If it encounters resistance and pulls back, we need to pay attention to the support strength of the $91,000 to $95,000 range. Investors can flexibly adjust their holding strategies according to market performance, buy on dips near the channel support level, and pay attention to risk control to cope with possible sharp fluctuations in the market.