$BTC Price Analysis: $100K Target on the Horizon Amid Breakout Potential
The crypto market is making a strong comeback after a recent sell-the-news event triggered by the U.S. President’s crypto reserve order. Bitcoin (BTC) saw a sharp drop from $91,000 to nearly $84,000 but has since rebounded to around $89,000. Now, traders are watching for a triangle breakout that could push BTC toward the highly anticipated $100,000 milestone.
Bitcoin's Triangle Breakout Rally: A Technical Overview
On the 4-hour chart, Bitcoin’s price action shows a long-term resistance pattern with multiple peaks restricting upward momentum. However, the recent recovery from $78,000 has formed a higher low, creating a symmetrical triangle pattern with two converging trendlines.
The bullish reversal appears to be forming a double-bottom pattern near the $86,700 support level. Meanwhile, the MACD signal line is showing a bullish divergence, indicating increasing upside potential.
BTC Price Targets & Key Levels
Bitcoin is currently hovering around the central pivot level of $89,654. A triangle breakout could propel the price toward $101,111, while a failure to break out may push BTC back toward $86,700 support and possibly the S1 pivot level at $82,816.
Bitcoin ETFs See Continued Outflows
U.S. Bitcoin Spot ETFs recorded a fourth consecutive outflow day, losing $134.26 million on February 6. BlackRock and Grayscale saw outflows of $15 million and $34.51 million, respectively. Since February 6, Bitcoin ETFs have reported only three days of net inflows, reflecting market uncertainty amid BTC’s price swings.
With a potential breakout on the horizon, can BTC finally breach $100K? Traders are closely watching for confirmation.
