Analysis of Bitcoin Price
Bitcoin has surpassed the crucial resistance of $100,000, indicating that the bulls have regained control.
If the price remains above $100,000, the BTC/USDT pair could accelerate towards the all-time high of $108,353. This level may encounter strong selling pressure from bears, but if the bulls maintain the pressure, the pair could resume the upward trend. The next upside target is $126,706.
On the other hand, if the price fails to hold above $100,000, it will indicate that the breakout may have been a bull trap. Bears will need to push the price below the moving averages to clear the way for a drop to $90,000.
