Bitcoin (BTC) ended its most recent trading session with a record daily close at $101,431.58. 

According to an analysis by trader Alan Santana on TradingView, Bitcoin has only traded higher than this level twice, both during intraday spikes. These previous highs occurred on December 12 and during its last ATH, setting a historical context for the latest surge.

Santana’s analysis suggests that Bitcoin is operating within a bullish consolidation pattern, steadily climbing higher. The repeated testing of resistance levels, combined with the absence of key corrections, highlights Bitcoin’s strength.

The analysis identifies Bitcoin’s current trading behavior as a bullish pennant pattern. Unlike a bearish rising wedge, this pattern often signals a continuation of upward price movement. 

The chart reveals a narrowing structure formed after an earlier strong rally, suggesting the potential for a breakout to higher levels.

Two critical support levels stand out: $80,000, which Bitcoin surpassed on November 11, and $90,000, identified as the strongest base during any potential flash crashes. 

These levels represent psychological and technical foundations for the crypto’s price action. On the resistance side, immediate attention is drawn to $104,285.37, a price level highlighted by a blue horizontal line on Santana’s chart. 

A break above this could set the stage for further growth, with Fibonacci extension targets of $113,968, $138,794, and $163,620 within reach.

The absence of retracements or corrections since Bitcoin crossed $80,000 suggests strong demand, as every dip is met with buying interest. Santana’s analysis attributes this behavior to robust institutional and retail participation, with selling pressure consistently absorbed.

The analysis also notes that the recent pause in the altcoin market aligns with historical trends during Bitcoin’s dominance phases. 

When Bitcoin surges, it often attracts liquidity from other cryptocurrencies, temporarily stalling their progress. This phenomenon has historically reversed once Bitcoin stabilizes, allowing altcoins to regain momentum.

Read also: Here’s Why the XRP Price Could Rise to $100 by 2025

Santana draws parallels to previous post-halving cycles, where Bitcoin experienced an initial correction followed by sustained growth. This pattern appears to be repeating, as Bitcoin continues to rise without major pullbacks. 

The analysis also highlights the broader impact of Bitcoin’s growth on the crypto market. An increasing Bitcoin value, stimulates investment and liquidity throughout the industry,  promoting innovation and uptake.

Santana concludes that Bitcoin’s resilience, coupled with its historical performance, suggests further upward potential. While market participants may anticipate corrections, current trends indicate that Bitcoin remains in a powerful bullish phase.

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The post Why Bitcoin (BTC) Price Could Hit New ATH Amid Record Close appeared first on CaptainAltcoin.

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