Bitcoin Surges Over 5% as It Approaches $99,900 Resistance Level
The Bitcoin market started 2025 positively, gaining over 5% in the first four days. Bitcoin is approaching a critical resistance level at $99,900, which could significantly impact its price trajectory in the short term.
Bull Flag or Bear Flag: Bitcoin's Future
Crypto analyst Plan D noted on January 3 that Bitcoin is forming a “moon flag” pattern, facing major resistance at $99,900. This pattern suggests potential dramatic price gains if confirmed. A bull flag indicates continuation during an uptrend, characterized by consolidation after sharp price gains followed by further increases.
For the "moon flag" to be valid, Bitcoin must break and maintain above $99,900, potentially rising to around $108,000. Conversely, failing to surpass this level may confirm a bear flag, indicating downward momentum, with projections as low as $78,000—a decline of 20.3% from current prices and 27.7% from its all-time high of $108,268. While altcoins are currently profitable for many investors amid declining Bitcoin dominance, the crypto market's upward trajectory remains uncertain until Bitcoin exceeds $99,900.
BTC Price Overview
Currently, Bitcoin trades at $97,903, reflecting gains of 0.72% over the past day and 3.95% over the past week. However, it shows a 0.77% monthly loss.
Despite the ongoing price rebound, traders are taking profits, evidenced by a decrease in long positions on Binance from 66.33% to 56.85%. Long positions still dominate short positions by 13.7%, indicating that most Binance traders expect Bitcoin to continue its upward trend.
Anticipation of Donald Trump’s presidential inauguration may strengthen bullish sentiments in the Bitcoin market, as many expect a pro-crypto stance from the incoming administration.
