Bitcoin's Tug-of-War Around $100,000: Where Does The BTC Price Go From Here?

Bitcoin BTC/USD remains in a tight channel around the $100,000 mark, sparking predictions among traders and technical analysts about a possible breakout soon.

What Happened: Technical analyst Kevin emphasized in his analysis on X on Thursday that BTC is consolidating within an upward trendline of support and the macro "golden pocket," a zone defined by the previous bull market high and bear market low.

This tight consolidation won't last long, Kevin predicts, as key upside liquidity blocks extend to $106,000.

This level aligns with the macro 1.703 Fibonacci (Fib) level on a linear chart.

Whale activity, such as significant call purchases for MicroStrategy stock, signals anticipation of Bitcoin's next upward movement.

If BTC breaches the golden pocket and the 1.272 Fib level on a logarithmic chart, it could swiftly surge to $128,000.

This target coincides with the Pi Cycle Top Moving Average and the macro 1.414 Fib level.

However, surpassing $106,000 remains crucial for this trajectory to unfold, as resistance above is relatively thin.

Also Read: How Bitcoin ETFs Are Changing The Way Institutions Manage Risk According To Experts

Crypto trader Jelle expressed surprise at Bitcoin’s funding rates heatmap, signaling strong market activity despite BTC consolidating at $100,000. "Send everything higher," he concluded.

#Bitcoin is testing $100k as support, and funding rates look like this.

Bet you didn't expect to see that this year, but here we are.

Send everything higher. pic.twitter.com/4GnA36MrPF

— Jelle (@CryptoJelleNL) December 13, 2024

Why It Matters: In a notable policy development, Texas State Representative Giovanni Capriglione on Thursday proposed creating a Strategic Bitcoin Reserve for the state.

This initiative would allow Texas to accept, store, and manage Bitcoin donations from residents, marking a significant step in institutional adoption.

IntoTheBlock data shows large transaction volume decreasing by 13.1% and daily active addresses up by 3.8%.

Transactions greater than $100,000 are relatively flat with an uptrend. Exchanges netflows are up by 263.8%.

Read Next:

• Donald Trump Pledges To ‘Do Something Great With Crypto’—Here’s What He’s Done So Far

Image: Shutterstock