Bitcoin Price Prediction: Will BTC Break the $105,000 Mark?

Bitcoin is currently testing a critical resistance zone after bouncing from a key support level.

On January 23, President Donald Trump signed an executive order titled “Strengthening American Leadership in Digital Financial Technology.” The order establishes the Presidential working group on digital asset markets, tasked with developing a regulatory framework for the sector.

A key part of the initiative is the creation of a National Digital Asset Stockpile, which could include various cryptocurrencies. This move is a major win for pro-crypto advocates, who have pushed for regulatory clarity and innovation in the digital assets space.

The executive order also takes a firm stance against the promotion of Central Bank Digital Currencies (CBDCs), ensuring that the U.S. maintains a hands-off approach to digital currency issuance.

While there's excitement around the latest executive order, the market has been muted, as much of the news was already factored into prices, similar to past events like the Bitcoin ETF launch. However, since the announcement, Bitcoin has gained more than 4% and is now close to breaking the $105K mark.

Bitcoin Price Prediction: Will It Break $105,000?

Bitcoin is currently testing a critical resistance zone after bouncing from a key support level. Crypto analyst Josh explained that this pattern is strikingly similar to what happened about a year ago, where Bitcoin experienced 1-2 months of sideways trading before continuing its bull run, which kicked off in late January.

Additionally, the Super Trend indicator remains in the green, indicating that BTC is still in a larger bull market. Bitcoin is still trading above the breakout line at around $100,000, and the technical price target for this pattern is around $116,000. However, the price recently hit resistance between $106,000 and $107,000, which caused some sell pressure.

Key Levels to Watch

Bitcoin has since bounced back from support between $101,000 and $104,000, and it’s now struggling near that same resistance zone. Liquidity is building below the current price range between $100,000 and $108,000. This suggests that Bitcoin’s price may continue to move sideways in the short term, possibly testing both sides of this range.

A break above this range could trigger a short squeeze, while a move below could lead to a long squeeze. The market is currently volatile, and while there may be a temporary pullback, the overall outlook remains bullish.

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