Bitcoin price must close week above $97K for ‘attack to the ATH’ — Analysis

Bitcoin (BTC) will launch an “attack on the ATH” if BTC/USD delivers a weekly close above $97,000, according to traders and analysts.

Why Bitcoin price must hold above $97,000

Bitcoin price is trading in a third consecutive bullish session in the daily timeframe, 6% above its Feb. 18 low of $95,000, as per data from Cointelegraph Markets Pro and TradingView. 

This has seen BTC rise above the crucial level of $97,000, which bulls must hold to sustain the recovery, according to trader and analyst Rekt Capital.

Related: $108K BTC price next? Bitcoin reaches bull market ‘pivot point’

“Bitcoin needs a weekly close above $97,000 to continue holding the higher low as support,” the analyst explained in a Feb. 20 post on X. 

An accompanying chart showed Bitcoin sitting on immediate support provided by the lower boundary of a pennant at $97,028.

‘For the past three weeks now, Bitcoin has been downside-wicking below the triangular market structure while keeping the pattern intact.”

In an earlier post analyzing the same setup, Rekt Capital said:

“Bitcoin price needs to keep holding this weekly higher low to keep the pattern alive.”

Fellow trader Warren Muppet spotted Bitcoin trading above $98,000 for the first time since Feb. 4 in the daily timeframe.

The trader said that if BTC price closed above this level, which is also above the weekly trend, it could trigger a rally to new all-time highs.

“If tomorrow we will reject {$98,000 level} is a strong short signal, but if tomorrow we will confirm the close above, I should assume an attack to the ATH.“

BTC trades above a key support level

Analyzing Bitcoin’s realized price distribution (URPD) helps to determine where the current set of unspent transaction outputs, or UTXOs were created. This gives insights into the cost basis and areas of interest regarding support and resistance.

Some of the key Bitcoin support levels to watch are $97,500 and $96,450, according to data from Glassnode.

Meanwhile, the latest liquidation data from CoinGlass also shows the importance of Bitcoin’s immediate resistance above $98,000.

The chart below shows a wall of bid liquidity building up within this zone, suggesting that it can act like a magnet for BTC price. Breaking above this cluster, and particularly the $100,000 psychological level, would be a big step in confirming the trajectory toward all-time highs.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.