Bitcoin (BTC) price climbs over 3%, targeting the much-awaited $100,00 milestone

Bitcoin is once again making headlines, climbing over 3% in the past 24 hours and currently trading near $99,200.

Bitcoin is continuing its march higher, with the flagship cryptocurrency now trading at critical levels that could decide the next major move.

What happened: Bitcoin is up over 3% in the past 24 hours and currently trades at a price of $99,000, according to Benzinga Pro. The much-awaited $100,000 is now within striking distance, and the breakthrough could happen at any moment.

As always during major rallies, there’s ongoing talk about bearish divergences and bull traps. Some technical indicators hint at a possible pullback, but if Bitcoin decisively moves past the $102,000 mark, those signals would likely lose their relevance, confirming a clean breakout from the current sideways trend.

Why it’s important: Bitcoin’s price rally is backed by growing trading volume, a sign of genuine market interest rather than speculative spikes. On the daily timeframe, RSI levels are only beginning to rise, leaving plenty of room for additional upward movement.

Previous market cycles have followed a similar pattern: price rallies, brief consolidations, and then stronger breakouts. Bitcoin appears to be entering a critical third phase in its current market cycle.

If patterns from past rallies hold, the next major leg up could push the price towards $104,000 to $121,000 in the near term. The Fibonacci retracement levels also suggest potential resistance at around $102,000, which could be a crucial factor to watch for the continuation of the uptrend.

On the other hand, if selling pressure emerges and cancels the breakout, support levels at $90,000 to $94,000 could provide some cushion for the downtrend.

What’s next: A decisive break above $102,000 would open the door for a rapid move towards the $121,000 to $130,000 zone in the coming weeks. This scenario would also invalidate the technical indicators that are currently suggesting a potential pullback.

However, if Bitcoin fails to overcome the sellers at $102,000 and pulls back, the next key support levels are at $90,000 to $94,000. A failure to hold these levels could lead to a deeper correction.

Overall, Bitcoin is approaching a crucial juncture that will determine the continuation of the bull market or a potential reversal. The outcome of this battle between buyers and sellers will have significant implications for the cryptocurrency's short-term destiny.