**SEO Title:** Bitcoin Price Momentum Grows Towards $98,000
**Meta Description:** Bitcoin’s price shows upward momentum, closing at $91,489. Can it break through the $94,000 resistance this week?
**URL Slug:** bitcoin-price-momentum-98k
**Headline:** Bitcoin Price Momentum Builds as It Aims for $98,000 Resistance
Bitcoin has experienced a slight upward movement over the past weekend, closing the week at $91,489, just above the short-term resistance level of $91,400. After a period of relative stability during the Christmas and New Year’s weeks, this increase suggests that bullish sentiment may be gaining traction. If the bulls can maintain their position above $91,400, they are likely to make another attempt at overcoming the $94,000 resistance level, which has been a barrier since mid-November. The target of $98,000 is also within reach this week.
**Key Support and Resistance Levels**
The bulls are eager to carry their momentum into the New Year, aiming to break through the $94,000 resistance. Should they succeed, the next significant resistance is at $98,000, where selling pressure is expected to intensify, extending up to $103,500. This range could pose a challenge for the price if it surpasses $94,000. A critical resistance ceiling is at $109,000, which will be difficult to breach. If the price exceeds this level, discussions about new highs may become relevant.
On the downside, the bulls will need to defend the $87,000 support level if the bears attempt to push the price lower. Below this, $84,000 remains a strong support level, although its strength may diminish with repeated tests. If $84,000 fails, attention will shift to the support zone between $72,000 and $68,000, which could provide a significant bounce.
**Market Outlook for This Week**
The bearish sentiment has eased somewhat in recent weeks, allowing bulls to capitalize on this shift. This week, they are likely to push for a breakthrough at the $94,000 resistance level. If they can surpass this, $98,000 may act as a cap on further gains. However, if the bulls cannot maintain the $91,400 level, they will need to focus on defending the $87,000 support to regroup for another attempt at $94,000.
**Market Sentiment: Neutral**
The market mood has shifted to a more neutral stance, with bulls successfully holding support levels and gaining some upward momentum.
**Looking Ahead**
The weekly chart has been constrained between the lower trend line of a broadening wedge and the weekly 100 SMA for several weeks. Currently, the trend line resistance has weakened, giving bulls a chance to push higher. Despite this, the long-term outlook remains bearish, suggesting that any bullish movements may face resistance and could eventually test support levels at $87,000 to $84,000. A weekly close below $84,000 could set the stage for a decline towards the low $70,000 range. Conversely, for a long-term trend reversal, bulls will need to achieve sustained weekly closes above $100,000.
**FAQ**
**What are the key resistance levels for Bitcoin this week?**
The key resistance levels for Bitcoin this week are $94,000 and $98,000, with a significant ceiling at $109,000.