Bitcoin’s price action is approaching a critical inflection point that could determine its path to new all-time highs, according to prominent crypto analyst Cryptorphic. The leading cryptocurrency is currently testing a key resistance level at $91,375, with technical indicators suggesting potential for significant upside movement.
This analysis comes as Bitcoin continues to show strength after institutional interest grows, with 48 new whale wallets holding over 100 BTC recently emerging.
Technical Analysis Points to Critical Resistance Level
According to Cryptorphic’s detailed analysis shared on TradingView, Bitcoin has formed an Ascending Wedge pattern, currently testing its upper boundary at $91,375. This level coincides with a long-term descending trendline, making it a crucial resistance zone that could trigger the next major price movement.
Bullish Scenario: Path to New All-Time Highs
A successful breakout above the $91,375 resistance could catalyze a strong rally toward $109,588, representing a new all-time high. This target would mark a 24% increase from current levels around $88,218 and surpass the previous ATH of $109,036 set during Trump’s inauguration in January 2025.
Risk Factors and Support Levels
However, traders should remain cautious as rejection at current levels could trigger a correction. Key support levels to watch include:
- Primary support: $85,076
- Secondary support: $82,360
- Strong support zone: $76,606
Market Context and Institutional Interest
This potential breakout scenario gains additional credibility when considered alongside strong market liquidity at current levels, despite some slowdown in capital inflows.
Frequently Asked Questions
What is the key resistance level for Bitcoin?
The critical resistance level is at $91,375, which coincides with the upper boundary of an Ascending Wedge pattern.
What is the potential upside target?
If Bitcoin breaks above resistance, the immediate target is $109,588, representing a new all-time high.
What are the main support levels to watch?
Key support levels are established at $85,076, $82,360, and $76,606.