Bitcoin's $100K Showdown: Can It Break the Trendline?

Bitcoin's price has been oscillating around the $100,000 level, with its recent movements tied to Open Interest (OI) dynamics. The cryptocurrency has attempted to break through a descending trendline three times, with each attempt resulting in a rejection. As Bitcoin approaches the next major OI resistance at $99,000, market participants are speculating on what lies ahead.

Open Interest has been rising across most crypto assets, with Bitcoin's price now nearing the next significant OI resistance level at $99,000. The key to Bitcoin's next move is breaking above the descending trendline that has rejected price three times. If Bitcoin can sustain its momentum and the support just below $96,000 holds firm, it could challenge the $99,600 to $99,900 area next. These crucial OI levels will be instrumental in determining Bitcoin's next move.

Bitcoin's price action is approaching a critical juncture as it nears a break from the descending trendline that has led to three prior rejections above the $99,000 level. Recently, Bitcoin surged from $93,500 to $98,400, putting 1.7 million BTC back in profit. Each rejection at this trendline has resulted in subsequent pullbacks, testing lower support levels before attempting another rally. Currently, Bitcoin is approaching this resistance again, and the market is eager to see if this attempt will lead to a breakout or another rejection.

The trendline represents consistent resistance around the $100,000 mark, a psychological barrier. If broken, it could signal a bullish continuation for Bitcoin, potentially leading to a move back to its all-time high of $109,000 and beyond. However, failure to surpass this barrier could see Bitcoin retesting lower supports, potentially down to $97,300 or further down to $90,000, as indicated by previous lows in the pattern in early February. A confirmed breakout or rejection here could set the tone for Bitcoin's market trajectory in the near term.