Bitcoin has been consolidating below the $100,000 psychological resistance after breaking out of a seven-month downtrend in November. Traders are now cautiously monitoring key levels that BTC needs to reclaim before attempting a new price rally above $100k. CrypNuevo has identified a key price target of $98,300 to validate the upward momentum and potentially trigger a breakout to $100,000. As of his posting, Bitcoin was trading at $95,312, still below an uptrend line facing resistance. Reclaiming the uptrend and the $98,300 level, which has significant selling pressure, is crucial for a continuation rally.
Following his analysis, CrypNuevo highlighted the presence of high liquidity pools between $99,000 and $100,000. Reclaiming and trading above that zone with strength could lead to triggering these liquidations and starting a short squeeze. This would create a favorable scenario for Bitcoin bulls aiming for the region above $100k and potentially up to $105,000. Ash Crypto, with one million followers, celebrated Bitcoin reclaiming the $97,000 level and has set his sights on the $100,000 target. Analysts have differing opinions on what will happen after Bitcoin reaches the long-awaited $100k mark, with some predicting a quick break followed by a correction while others have set their sights on targets above $200,000.
Despite the optimism surrounding Bitcoin’s potential price rally to $100,000 and beyond, savvy traders have been warning for months about the importance of profit realization and having a clear exit strategy. For example, Wolf has already disclosed a plan to start offloading his BTC position above the $130,000 price level. The market remains volatile, and traders are advised to exercise caution and trade responsibly to maximize profits and minimize risks. Reclaiming the $98,300 level and pushing past the $100,000 resistance could be a significant milestone for Bitcoin, potentially setting the stage for a new price rally.
In conclusion, Bitcoin has been consolidating below the $100,000 psychological resistance level, with traders cautiously monitoring key levels that need to be reclaimed for a potential breakout. CrypNuevo has set a key price target of $98,300 to validate the upward momentum and potentially trigger a move above $100,000. Reclaiming this level and trading above high liquidity pools between $99,000 and $100,000 could signal a short squeeze and create a favorable scenario for Bitcoin bulls. Analysts have differing opinions on what will happen after BTC reaches $100k, with some predicting a quick break followed by a correction while others have set targets above $200,000. Savvy traders have been emphasizing the importance of profit realization and having a clear exit strategy in the volatile market. Reclaiming the $98,300 level and pushing past $100,000 could be a significant milestone for Bitcoin, potentially paving the way for a new price rally.
