Bitcoin price forecasted ‘highly bullish’ if this support level holds
## Bitcoin’s Bullish Run Hinges on $89,260 Support
Bitcoin (BTC) is facing a crucial test. After breaking out of a narrowing wedge pattern, its upward momentum depends on holding the $89,260 support level, according to Matrixport. The firm’s analysis shows BTC retesting the breakout level of $98,042, a key indicator of its price trajectory.
Analyst Markus Thielen echoes this sentiment, stating that maintaining support above $89,260 keeps the short-term outlook “highly bullish.” While various factors, including inflation concerns and market speculation, have influenced BTC’s recent price action, the success of its bullish run ultimately rests on defending this critical support level.
Currently trading at $103,497 (at press time), Bitcoin’s next move will determine whether this bullish trend continues.
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