#BTCBreaks99K Bitcoin broke its consolidation and is approaching 100,000 dollars again

According to Simon Peters, analyst at eToro, bitcoin surpassed 98,000 dollars after several days of consolidation and would again look towards the key level of 100,000. The market shows institutional accumulation and neutral sentiment.

Bitcoin broke its consolidation and is approaching 100,000 dollars again

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The eToro analyst, Simon Peters, noted that bitcoin broke its consolidation and surpassed 98,000 dollars, pointing again to the level of 100,000 dollars with institutional support. He shared his analysis with Cointelegraph in Spanish through a statement.

The analyst indicated that bitcoin broke its consolidation range around 95,000 dollars and reached 98,000 last Friday, its highest level since mid-February. Although the price slightly retraced afterwards, it marked a new rising peak that could anticipate a bullish move towards 100,000 dollars, he added.

Is Bitcoin headed for 100,000 dollars or below 88,000 dollars?

According to Peters, the threshold of 100,000 dollars would represent a significant barrier, both for its round number and for its past behavior. In November 2024, when it first reached that level, the price quickly corrected to 90,000 dollars within days, he indicated.

For now — he explained — the fear and greed index of the crypto market remains just above the neutral zone, which would suggest that the market has not yet entered a state of overbought. Historically, the most marked corrections have coincided with phases of extreme greed, he added.

Bitcoin tries to reach 98,000 dollars as the chances of Fed rate cuts in 2025 become "pessimistic”

The analyst also highlighted that institutional flows into bitcoin, measured through spot ETFs, were above average during the last week. Furthermore, both whales and companies