Bitcoin Breaks Above Consolidation Zone, Sets Sights on $98,000

Bitcoin (BTC) has kicked off October with significant momentum, breaking above its consolidation zone and reaching levels around $86,900. According to Makrovision, a German analysis company, this breakout marks a strong upward move for Bitcoin after months of trading below the $65,500 level.

The initial descending trend line was also broken during this move, a development considered positive from a technical perspective. The analysis firm notes that following this breakout, the $82,500 level is crucial for Bitcoin's short-term movement.

Makrovision states that if Bitcoin falls below $82,500, it may turn its attention to the $75,000-$73,000 support zone. However, such a pullback could be a healthy correction following a strong upward movement.

On the upside, the analysis firm predicts that if Bitcoin strongly surpasses the $86,500 level and maintains its position above it, the next major target could be $98,000.