Bitcoin's Path to $100,000: Is the Six-Figure Milestone in Sight?

Bitcoin, the leading cryptocurrency, is currently positioned in a neutral zone, with the Fear and Greed Index registering a score of 48. As of today, Bitcoin (BTC) is trending, having risen by over 4.49% in the last 24 hours. Early trading saw the token dip to a low of $91,727.76, but a bullish trend has driven it up to a peak of $96,011.62.

Key Takeaways:

Current Status: Bitcoin is trading at $95,404 with a bullish outlook.
Market Trends: The Fear and Greed Index is at 48, indicating neutral sentiment.
Price Movements: Bitcoin peaked at $96,011.62 after a 4.49% increase.
Indicators: The MACD and CMF suggest continued buying pressure; however, the RSI indicates overbought conditions.
Potential Resistance: Major upside targets are set at $105,921, with support around $94,000.

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Despite some resistance challenges, Bitcoin is now trading in the $95,404 range as of the latest reports. Daily trading volume has surged by over 63.80%, reaching approximately $60.02 billion. Additionally, the market has witnessed a liquidation of Bitcoin worth $293.22 million over the past 24 hours, according to Coinglass data.

Having successfully surpassed the $94,000 mark, Bitcoin’s trading outlook remains bullish. On the charts, the price is comfortably positioned above previous resistance levels, which are now serving as support. Should buying momentum continue, the next major target could be set at $105,921, while any pullbacks to the $94,000–$93,000 range could provide a healthy retest for the asset.

Is Bitcoin Ready for More Growth?

The 4-hour technical chart for the BTC/USDT pair displays a clear bullish pattern characterized by green candle formations. The Moving Average Convergence Divergence (MACD) indicator has positioned itself above the signal line, suggesting continued bullish momentum. The price is likely to continue rising unless the MACD dips below the signal line.

BTC Chart Analysis BTC Chart (Source: TradingView)

Additionally, the Chaikin Money Flow (CMF) indicator is currently positive, reading 0.29, indicating robust buying pressure in the Bitcoin market. There appears to be a consistent influx of capital into Bitcoin, showing signs of accumulation. As long as the CMF stays above zero, the bullish outlook is maintained.

With Bitcoin’s price momentum remaining strong, it could potentially reach its next key resistance level around $95,729. If upward pressure continues, we may see a golden cross pattern develop, enabling bulls to push the price above the critical $96K mark.

On the other hand, if Bitcoin experiences a decline, the price might fall to the support level of $95,116. A significant downward correction could trigger a "death cross," possibly pushing prices down to $94.8K or lower.

Moreover, the daily Relative Strength Index (RSI) stands at 73.53, indicating that Bitcoin is currently overbought. Despite the strong bullish sentiment, this scenario raises the likelihood of a short-term pullback as investors potentially take profits. Furthermore, Bitcoin's Bull Bear Power (BBP) reading of 4,421.62 underscores significant bullish dominance, as the price trades above the average, reflecting aggressive upward momentum but also suggesting the risk of a market cooldown if buying pressure subsides.