Skip to content
- Bitcoin nears the critical $100K resistance level, with traders anticipating a breakout.
- Market momentum remains uncertain, with both bullish and bearish signals in play.
- A successful move above $100K could trigger a rally, while failure may lead to consolidation or a pullback.
Bitcoin (BTC) currently holds above its crucial support level and aims for higher price targets. Over the past week, Bitcoin has increased by 1.62%, while in the last 30 days, BTC has decreased by 6.60%. Despite this decline, BTC is holding strong above its support level.
At the time of writing, Bitcoin’s price is $98,414, rising 1.61% in the past 24 hours. The market’s premier cryptocurrency has a market cap of $1.95 trillion and a 24-hour trading volume of $39.57 billion.
On Thursday, Bitcoin peaked intraday at $98,504, 2.5% up. Now, the cryptocurrency is at the major horizontal resistance point, and market participants are anxiously waiting to see if it will reclaim the psychologically significant $100,000 point.
Bitcoin last traded at over $100,000 on February 7, kindling speculation about whether its runup has peaked. The cryptocurrency reached an all-time high of $109,356 on January 20 before posting a 16% pullback, and concerns are raised about the durability of its trend.
Bitcoin Struggles Near Resistance: Will $100K Be Next
JPMorgan analysts just predicted a potential Bitcoin correction based on weakened demand for CME futures and the lack of near-term bullish drivers. The Wall Street giant believes weaker institution demand could slow Bitcoin’s pace in the near future.”
However, some analysts remain optimistic. Renowned market expert DonAlt thinks Bitcoin may see a major breakout if and when the cryptocurrency crosses the $100,000 point while cautioning to be wary, noting the volatility in the market.
Similarly, crypto analyst Bob Loukas predicted BTC may soon leave the five-digit pricing area forever. Loukas just stated that Bitcoin is “set up to advance significantly” and that there is no immediate reason to question the market’s energy.
With Bitcoin’s price at resistance, market participants focus on the $100,000 point as the point to break through. A breakout above this point could restart the bullish trend and return BTC to the path to new highs.
However, failure to break resistance could see further consolidation or a short pullback. As market sentiment remains mixed, the investor community readies itself for added volatility in the weeks ahead.”
Will Bitcoin revert to six-figure territory, or are the corrections ready to resume? As the cryptocurrency approaches this major price milestone, all eyes are on BTC.
Related | Bitcoin ETF Outflows: Is BTC’s Bull Market in Danger?
