Bitcoin’s recent upside momentum may have stalled until it breaks the $98,000 resistance, according to crypto traders. The digital currency fell to $94,812 after failing to overcome the $96,000 level in four consecutive attempts.
Analysts Michaël van de Poppe and DonAlt believe that a breach of $98,000 could propel Bitcoin to new highs above $100,000. However, some traders caution that the rally may be short-lived, with prices potentially dipping to $80,000 if they lose support at $90,000.
A promising sign for the price trajectory is that short-term holders are stopping their selling activity, which could indicate a bullish momentum in the short term. This was seen in November when Bitcoin failed to break above $100,000 due to STH selling patterns.
The upcoming US presidential election and potential investments of around $2 trillion in 2025 may also support Bitcoin’s price. If it absorbs around 10% of the newly created money supply, expected to rise to $127 trillion, it could lead to a surge in prices above $100,000.
Source: https://cointelegraph.com/news/end-bitcoin-trump-trade-btc-breaches-key-98k-resistance-analysts