Bitcoin Surpasses $100,000 But Faces Key Resistance at $105,000-106,000

Bitcoin (BTC) recently rebounded from $100,000, raising hopes for a bullish reversal. However, traders remain cautious about a potential bull trap. Key resistance levels are at $105,000–$106,000, which will be crucial in determining whether BTC can sustain an upward trend or resume its downtrend.

Potential Bullish Reversal After Reclaiming $102,000

Lennaert Snyder noted early signs of a bullish reversal as BTC reclaimed $102,000, indicating renewed buying interest.
Maintaining momentum and establishing a higher low around $101,400 is vital for a sustained rally.
A failure to maintain support could indicate lingering bearish pressure.
Snyder is monitoring lower time frame charts for short-term trading opportunities near $101,400.
Key resistance at $104,700 is decisive for the next move; a breakout could lead to $107,500.
Traders should be prepared for sudden swings due to lower weekend liquidity.

Bitcoin Reclaims Momentum, But $105,000–$106,000 Is Critical

Ted Pillows highlighted a brief drop below $100,000 before a bounce back, showing ongoing uncertainty.
The rebound might be a bull trap, with momentum possibly favoring bears.
Reclaiming the $105,000–$106,000 zone is crucial for reducing downside risks.
Without a confirmed break above this resistance, the market could see support levels as low as $93,394.