Bitcoin’s $97,530 Support Level Is Critical to Unstoppable Momentum

• Triangle pattern forms as Bitcoin nears key price levels.
• $97,530 support is vital to sustain Bitcoin’s upward momentum.
• RSI at 55.74 signals room for further price movement.

Bitcoin is positioned on the edge of a significant move. As the price consolidates within a triangle pattern, market participants prepare for volatility. The key support at $97,530 could dictate whether Bitcoin continues its rise or faces a reversal.

Critical Support for Bitcoin Bullish Momentum

Bitcoin’s Unspent Transaction Outputs (UTXO) Realized Price Distribution (URPD) shows significant transaction activity around $97,530. This price level acts as a strong support zone. Holding above this level will be critical to maintain Bitcoin’s upward momentum and possibly fuel further price increases.

The market continues to operate within a tightening range and the formation of a triangle pattern indicates a looming breakout. The apex of the triangle is drawing near, with Bitcoin pressing against the upper trendline. A break above the top could lead Bitcoin to the $107,000 range, while a failure to break could see a decline to lower price levels.

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The Moving Average Convergence Divergence (MACD) indicator further supports the bullish sentiment. It shows a crossover with the MACD line moving above the signal line. This is a positive signal that could trigger a continuation of the uptrend if the price sustains its momentum.

Bitcoin’s Relative Strength Index (RSI) also signals a potential breakout. The RSI currently stands at 55.74, which suggests that Bitcoin is in neutral territory. This provides room for upward movement, with the potential for a breakout to the $107K target.

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The combination of these technical indicators RSI, MACD and the triangle pattern creates an ideal setup for a breakout. Bitcoin traders should remain cautious, as the consolidation phase nears its end. Volatility is expected, and market participants should be prepared for rapid price movements.

Bitcoin is at a critical point, while its price movement enters a key decision area signaling potential for a market breakout. Key technical indicators such as UTXO Realized Price Distribution, MACD, and RSI will provide insights to predict the next big move in the market.

Currently, Bitcoin is approaching a critical phase, as its price moves in a triangle pattern.  This technical formation shows that Bitcoin may witness volatility and potential breakout in either direction. Traders and analysts continue to monitor key support levels including $97,530, which is crucial to maintain the current bullish momentum.

As at the time of writing the price of Bitcoin (BTC) was trading at $105,150