#Bitcoin has finally surpassed the psychological $100,000 mark, riding a seven-day bullish streak. Peaking at $102K, will the BTC price continue to $106,888, or is this a trap for bulls at a crucial resistance point?

Bitcoin Price Analysis

With seven consecutive bullish candles on the daily chart, BTC has reclaimed the six-figure price milestone. Last night’s 4.02% surge formed a massive bullish engulfing candle, breaking through the key threshold.

The BTC price trend reached a 24-hour high of $102,760, hitting the price target as predicted in our previous article. However, the substantial overhead supply has led to a minor pullback, with the current Bitcoin price sitting at $101,637.

This pullback is testing the broken resistance trendline of a rising channel pattern. The overnight recovery resulted in a bullish breakout of the rising channel, but the short-term pullback raises concerns about a potential bearish reversal. This could be a bullish trap for traders betting on the breakout rally.

The overnight surge has pushed the 4-hour RSI line into the overbought zone. Additionally, the bullish gap between the 50 and 100 EMA lines has widened after the recent crossover.

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