Bitcoin (BTC) has demonstrated bullish momentum, breaking through a key local resistance level and positioning itself for a potential push toward the $100,000 mark. According to data from CoinStats, the broader cryptocurrency market has turned green following a recent minor correction.
Bitcoin's price has increased by 1.69% over the last 24 hours, trading at $92,954 at the time of reporting. On the hourly chart, BTC successfully broke above the local resistance level at $92,576. Analysts suggest that if bulls can maintain control and keep the price above this level, the upward movement could continue toward the $94,000 zone in the near term.
From a technical analysis perspective, Bitcoin recently reversed upward from a significant support zone. This zone was comprised of the key round support level at $90,000 (which acted as resistance in December), the 20-day moving average, and the 50% Fibonacci retracement level of the upward impulse that began in December. This reversal initiated what analysts identify as the active short-term impulse wave (iii), which is part of a higher-order impulse wave (3) starting from mid-December.
Given the improving sentiment observed across crypto markets, technical forecasts indicate Bitcoin is likely to rise further within these active impulse waves. The next major resistance target is identified at $95,000, a level that previously reversed the prior wave (i).
On longer timeframes, Bitcoin's rate is currently positioned closer to resistance than to support. A decisive weekly close above the current resistance could set the stage for a more significant price surge. Analysts project that if the price breaks above the $94,652 level, the accumulated bullish energy might be sufficient to test the $100,000 range. From a mid-term viewpoint, a sustained breakout could lead to a price blast into the $100,000 to $105,000 range by the end of the month.
