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

According to Simon Peters, an analyst at eToro, bitcoin surpassed 98,000 dollars after several days of consolidation and is looking 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, aiming again for 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 afterward, it marked a new higher high that could anticipate a bullish move towards 100,000 dollars, he added.

Is Bitcoin heading towards 100,000 dollars or below 88,000 dollars?

According to Peters, the 100,000 dollar threshold would represent a significant barrier, both for its round number and 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 crypto market's fear and greed index remains just above neutral territory, suggesting that the market has not yet entered an overbought state. Historically, more pronounced corrections have coincided with extreme greed phases, he added.

Bitcoin attempts to reach 98,000 dollars as the odds of Fed rate cuts in 2025 turn "pessimistic"

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