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Bitcoin 
$102,967 has entered a technically significant phase by breaking a long-standing downward trend. The price has settled above the $85,000 level, turning the resistance line into a support level. This development indicates potential signals for a new wave of upward movement in the cryptocurrency market. Experts emphasize the importance of price stability at this level.
Critical Breakthrough in Long-Term Downtrend
Bitcoin’s price movements gained a new direction as it exited a downward channel closely monitored on charts. According to technical analyses, this breakthrough may signify not just a short-term bounce but also a broader uptrend. Maintaining a position above $85,000 shows that this level has started functioning as a support line.
Experts view this development as a signal of a change in market psychology rather than a simple price bounce. The renewed interest from institutional investors contributes to the price’s ability to hold at these critical levels. Cryptocurrency investors are approaching this recent turnaround with cautious optimism.
Rekt Capital, a well-known analyst, notes that Bitcoin has successfully broken its downtrend and is testing its new support line for the first time. Furthermore, the price has maintained its stability at this level for several days. Such stability signals can enhance market confidence and pave the way for new buying waves.
Are We Heading for a Parabolic Rise?
Rekt Capital suggests that Bitcoin may be in the initial correction phase of a parabolic expansion period known as the “Banana Zone.” This term describes periods when prices rapidly reach new peaks, balanced by brief pullbacks. Bitcoin has been exhibiting a trajectory similar to this structure for several weeks.
According to the analyst, as Bitcoin consolidates at this level, new attempts to reach peaks may follow. However, short-term pullbacks due to sudden fluctuations and profit realizations are also normal. This situation necessitates caution, especially for traders engaged in short-term transactions.
At the time of writing, Bitcoin is trading around $87,523. Participants in the cryptocurrency market note that technical formations can significantly influence price movements in line with market sentiment. Additionally, such breakouts are known to lead to new price discovery processes.
Traders are closely monitoring these developments and incorporating technical analysis data into their decision-making processes. In this new phase of the market, if fundamental and technical indicators work in harmony, new record levels for Bitcoin could be on the horizon.
