Bitcoin Traders Eye Key Levels For Potential Breakout

According to Finbold, Bitcoin (BTC) has been consolidating below the significant $100,000 psychological resistance since breaking out of a seven-month downtrend in November. Traders are now cautiously observing crucial levels that BTC must reclaim to initiate a new price rally above $100,000. CrypNuevo, a prominent trader, has identified a key price target to validate upward momentum and a potential breakout. In a post dated November 29, CrypNuevo expressed readiness to open long positions if Bitcoin reclaims the $98,300 mark. He stated, "If we want to see a push higher to $104k-$105k, then Bitcoin needs to get back above this key level: $98.3k. Reclaim that $98.3k level and I’m back in longs." At the time of his post, Bitcoin was trading at $95,312, still below an uptrend line that BTC is facing as resistance. Reclaiming the uptrend and subsequently the $98,300 level, which faces significant selling pressure, is crucial for a continuation rally. CrypNuevo further highlights the presence of high liquidity pools between $99,000 and $100,000, indicating significant liquidations awaiting a trigger above the key level of $98,300. Successfully reclaiming and trading above this zone with strength could reach these liquidation targets and potentially initiate a short squeeze. This scenario would be favorable for Bitcoin bulls, who are eyeing the region above $100,000 and up to $105,000. Meanwhile, Ash Crypto, an account with one million followers, celebrated Bitcoin reclaiming the $97,000 level, with eyes set on the $100,000 target. Analysts have speculated on the potential outcomes once BTC reaches the long-anticipated $100,000 mark. Opinions vary, with some predicting a quick break above $100,000 followed by a correction, while others are setting their sights on targets of $200,000 and beyond. However, experienced traders have been emphasizing the importance of profit realization and having a clear exit strategy. For instance, a trader known as Wolf has disclosed plans to start offloading his BTC position once the price surpasses $130,000.