Bitcoin Gains 1.64% Weekly, Eyes $100,000 Resistance

Bitcoin is currently at a pivotal moment, with its price hovering around $96,463, reflecting a 1.64% gain over the past week. Analysts are closely monitoring several key price levels that could dictate the asset's short-term trajectory. One significant barrier for Bitcoin's price is the $93,000 to $100,000 range, which presents a dense supply cluster. This region has historically acted as a resistance zone, suggesting that a break above this level could signal a shift in market sentiment.

According to a recent analysis, the critical support level for Bitcoin in 2025 is identified at $60,000, with strong resistance around $73,000. These levels are crucial for traders, as price action near these points may indicate potential breakout or reversal opportunities. The analyst emphasizes the importance of monitoring volume and order book activity at these zones to make informed decisions in the current volatile crypto market.

The $100,000 mark is another critical level to watch. If Bitcoin's price reaches this point, it could trigger liquidation losses of around $3.04 billion for short positions. Should the price rise to $105,000, this figure could increase significantly, adding to the market's volatility. The recent price action has been decisive, with Bitcoin climbing as much as 3.1% to achieve a weekly high of $97,483. This marks the most robust price level observed in recent times, further emphasizing the importance of the $100,000 threshold.

Analysts also point out that if Bitcoin continues to hold the $93,500 mark, the price will be positioned to move across its re-accumulation range. This could set the stage for a potential rally towards the $100,000 mark, a level that many traders and analysts are cautiously eyeing. The upcoming Fed meeting on May 7 could induce further volatility, as market participants await the central bank's decisions on monetary policy.

In summary, Bitcoin is at a critical juncture, with several key price levels to watch. The $93,000 to $100,000 range presents a significant supply barrier, while the $100,000 mark is a crucial threshold that could trigger substantial liquidation losses for short positions. Traders should closely monitor these levels, along with volume and order book activity, to make informed decisions in the current volatile market.