Bitcoin (BTC) Price Breaks Through $95,000, Targeting $100k Resistance Ahead of the Weekend

Bitcoin (BTC) has once again come into action with it surging over 12% in the past 7 days and breaking through $95,000 today

Cryptocurrencies are heating up again as Bitcoin (BTC) broke through the $95,000 barrier.

What Happened: Bitcoin price surged by over 12% in the past seven days and broke through the $95,000 milestone today, leaving the crypto world anticipating the potential hit to $100k mark for the weekend.

As the $100,000 milestone now tantalizingly close, all of the crypto community is locked in and watching this weekend as the ultimate showdown for Bitcoin.

The world’s leading cryptocurrency slid slightly on Friday morning after a strong run-up. At the time of writing, BTC price is trading at $95,140 – slid with a minimal loss of 0.27% in the past 24 hours while accumulating a daily trading volume of $41.8 billion.

Point To Note: From the peak of over $73,000 in late 2022, Bitcoin price has surged by over 29% to hit $95k on Friday.

Major Catalyst: Paul Atkins Appointed As U.S. SEC Chair

Bitcoin bulls are roaring after a major catalyst - the appointment of Paul Atkins as the chair of the U.S. Securities and Exchange Commission.

Atkins, a known supporter of crypto, is said to be pushing for the approval of several spot Bitcoin exchange-traded funds (ETFs) from major asset managers.

Following the news, the Bitcoin community is buzzing with massive ETF inflows and renewed interest from retail investors.

Moreover, whales are gobbling up BTC at every dip and technical indicators like the Relative Strength Index (RSI) are screaming bullish.

At the time of writing, the price of Bitcoin is up 93% year-to-date. If the cryptocurrency manages to maintain its current rate of gains for the rest of the year, it could potentially reach the $160,000 mark by the end of 2023.

However, several analysts are bearish on Bitcoin and predict a 20% crash after the cryptocurrency hits the $100,000 mark due to over-leveraged futures positions.

“The market’s levered to the max is flagging the risk of cascading liquidations,” says an analyst.

Technical analysis also spotted a potential double-top forming near $98,000. A rejection here could trigger a “lightning” drop to $90,000 or even $88,000, where liquidity pools await.

Bitcoin’s Dominance At All-Time Highs

Bitcoin’s dominance in the cryptocurrency market has reached new highs this year, as the price of BTC has outpaced that of other major cryptocurrencies.

At the beginning of 2023, Bitcoin's market capitalization was approximately $400 billion, while the total market capitalization for cryptocurrencies stood at around $1 trillion.

However, as of Friday morning, Bitcoin's market capitalization has surged to $1.85 trillion, while the overall crypto market cap has reached $1.95 trillion.

This indicates that Bitcoin's market share has increased significantly during the year, while the overall cryptocurrency market has also witnessed substantial growth.

Some analysts believe that this shift in favor of Bitcoin could stall the cryptocurrency's rally.

“I think we’ll see a stall in Bitcoin and outperformance in altcoins like Solana or Ethereum in the second half of the year,” said an analyst.

A broader market wobble – another tariff fear or a stock market dip – could also drag crypto into the red.

What To Watch This Weekend

Bitcoin's flirtation with $100,000 is more than a price tag as it marks a psychological figure rather than being just a random number.

A six-figure breakthrough could cement BTC as a must-have asset, pulling in pension funds and sovereign wealth but a crash could reignite skepticism.

Here are a few make-or-break factors for Bitcoin this weekend: