Bitcoin's next big resistance is $95K— What will trigger the breakout? 📈
Bitcoin has reached a new high of $94,700, hovering near its next major resistance at $95,000. Analysts point to resurgent institutional demand and significant inflows into spot Bitcoin ETFs as drivers behind this momentum. The decline in coins deposited to exchanges further reduces selling pressure, offering the potential for growth.
Additionally, negative funding rates in futures markets suggest a possible short squeeze, reminiscent of past significant rallies. Bitcoin price surpasses its 200-day SMA, adding further support to its bullish trajectory. The major resistance levels to watch are $95,000 and $100,000, with the latter potentially paving the way to new all-time highs.
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