Bitcoin has once again crossed the $100,000 mark, marking the fourth time it has reached this significant price level. The price action has stirred a change in market sentiment, shifting from caution to optimism, with Bitcoin now fluctuating between the $90,000 support level and the $100,000 resistance.
However, the cryptocurrency’s recent price movements suggest that it might require multiple attempts to break and sustain its position above $100,000, much like the consolidation phase Bitcoin experienced in 2024. Despite this, the $90,000 level has held strong as support, and Bitcoin has remained above it since mid-November, with only a brief dip in January.
The market’s next move may be influenced by the upcoming inauguration of President-elect Donald Trump on January 20, an event that many traders believe could trigger a major breakout in Bitcoin’s price. Traders are closely monitoring Bitcoin’s performance and leverage dynamics, with recent data from Coinglass showing that open interest in Bitcoin futures has dropped to its lowest level since early November, reflecting a shift from leverage-driven speculation to spot-driven price action.
While Bitcoin’s price has faced some resistance in pushing higher, the ongoing consolidation between key price levels and the anticipation surrounding external catalysts suggest the potential for continued bullish momentum in the near future.
