Bitcoin once again made headlines as it surpassed the $97,000 mark, rising over 4% in the past 24 hours. This surge marks a new all-time high for the leading cryptocurrency, bringing it closer to the long-awaited target of $100,000. Despite a slight pullback after reaching $97,862, the market remains optimistic.

Bitcoin's next target: $100,000

Bitcoin is steadily approaching the psychological barrier of $100,000, which has become a focal point for investors in recent days. Analyst Josh emphasizes that Bitcoin has reversed a key resistance level into support, a move signaling potential for the next upward momentum.

The ongoing short selling pressure is currently impacting the market and playing a crucial role in Bitcoin's rise. Closing short positions in the $95,000-$97,000 range has increased buying pressure, further driving the bullish trend.

Technical indicators show a strong bullish trend.

Bitcoin's weekly chart shows bullish momentum similar to last year's major rally, according to the MACD indicator. This suggests the potential for a long-term upward trend.

Additionally, the SuperTrend indicator on the 4-day chart confirms that the market is favoring buyers. On shorter time frames, Bitcoin has broken out of a symmetrical triangle pattern, reversing resistance to support. This pattern indicates a short-term target of $102,000, with high potential for a rise to $113,000 if the momentum continues.

The role of Short Squeeze in Bitcoin's growth.

A short selling wave is currently underway, especially in the $95,000-$97,000 range, where short positions have concentrated heavily. Liquidating these positions is adding upward pressure, attracting new buyers to the market and pushing prices higher.

Market sentiment and future expectations.

Growing interest in Bitcoin is opening doors for new opportunities for investors. Strong technical indicators and favorable market momentum are key factors driving this rally. According to The Bit Journal, Bitcoin's approach to $100,000 is being closely monitored, with traders speculating on how the market will shape up in the coming days.