Bitcoin’s Path to $100k: Key Resistance Level at $98,300

Bitcoin’s Critical Resistance Level

Bitcoin (BTC) has been consolidating below the $100,000 psychological resistance since breaking out of a seven-month downtrend in November. Now, traders are cautiously looking at key levels that BTC needs to reclaim before attempting a new price rally above $100k.

Key Target for Long Positions

In particular, CrypNuevo has set a key price target to validate the upward momentum and a potential $100,000 breakout. According to a post on November 29, the trader is ready to open long positions if Bitcoin reclaims $98,300.

• If we want to see a push higher to $104k-$105k, then Bitcoin needs to get back above this key level: $98.3k.
• Reclaiming the uptrend and the $98,300 level is crucial for a continuation rally.

What’s Next for Bitcoin?

Following up with his analysis, CrypNuevo points out high liquidity pools between $99,000 and $100,000, indicating significant liquidations waiting for a trigger above the key level of $98,300. Reclaiming and trading above that zone with strength could trigger these liquidation targets and spark a short squeeze, creating a favorable scenario for Bitcoin bulls.

Analysts speculate on the outcomes following a breach of the long-awaited $100k target, with opinions ranging from a rapid climb to $200,000 and beyond to prudent strategies of profit realization.