Bitcoin's recent surge towards six-figure territory has crypto bulls celebrating, but a closer look reveals a potential surprise lurking beneath the surface. As the price approaches $100,000, technical indicators are sending a clear message: this comeback might not be as smooth as it appears. But here's where it gets controversial...
The 20-week moving average, which is also the middle of the Bollinger Bands, is currently sitting at $100,000 per BTC. At first glance, it seems like the next obvious breakout zone. However, the ugly truth is that Bitcoin has been struggling to break through this resistance since October, and now it is back to testing it with increased volatility and lower trading volume. This is not a minor crossover in a short time frame; it is a rare, high-signal setup that often marks macro pivot points.
What's more, two key weekly moving averages — the 23-week and the 50-week — are bending into a potential death cross right around the same price. If that cross completes, Bitcoin risks staying below six figures much longer than bulls are expecting. This is a triple resistance for Bitcoin, as the daily chart also reveals another resistance at the 200-day moving average, just above $99,000.
While everyone is rushing into the long side again, hoping for a clean break to $107,000 or even the post-ETF target at $124,000, the price history reminds us that the 'first kiss' of the Bollinger's midband after a correction does not come easy — and often fails. And this is the part most people miss...
Bitcoin might still punch through, but if it does, it will not be because of the trend lines. It will be in spite of them. So, while the price approaches $100,000, it's essential to consider the technical indicators and the potential risks involved. Will Bitcoin break through the resistance, or will it falter? The answer lies in the hands of the market, and the comments section is open for discussion.
