Singapore-based blockchain firm Matrixport believes that Bitcoin's upward momentum will continue if it can defend the key support level of $89,260. The cryptocurrency recently broke out of a narrowing wedge pattern and is currently retesting the breakout level at $98,042. Independent analyst Markus Thielen states that if Bitcoin can stay above the support level, the short-term outlook will remain highly bullish. However, Matrixport warns that Bitcoin must defend this support level in the coming days to maintain its bullish outlook. At the time of writing, Bitcoin is trading at $103,497, with a total crypto market cap of $3.56 trillion.



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