BITCOIN and the Question of Breaking Through 100,000
At the beginning of February, Bitcoin made another attempt to break through the psychologically significant 100,000 level. However, the price has since been consolidating between 90,000 and 100,000. Is the next breakout imminent?
Technical Analysis
The 98,200 level has repeatedly acted as resistance in recent weeks. Despite several attempts, Bitcoin has failed to break through this level sustainably. Now, another attempt is underway.
From a macro perspective, the U.S. dollar has shown some weakness, which could favor the long side. However, overall market sentiment towards cryptocurrencies has been relatively muted, likely due to ongoing economic and trade policy uncertainties under the current U.S. administration.
Possible Scenarios
- Bullish Scenario: A confirmed breakout above 98,200 could generate further momentum toward 100,000. If this key level is decisively broken, the next targets could be around 110,000 – 115,000.
- Bearish Scenario: As long as 98,200 remains a resistance zone, the short side remains attractive. A pullback below 95,000 could trigger a deeper correction toward 90,000 – 92,000.
Conclusion
Long positions remain risky as long as Bitcoin trades below 100,000. A more attractive entry could be either after a confirmed breakout above 100,000 or following a controlled pullback. In the short term, the short side appears more favorable, as 98,200 continues to act as a strong resistance level.
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