Bitcoin ($BTC ) is trading just under the $105,000 mark, marking a historic milestone and drawing significant attention from both institutional and retail investors. The surge reflects a strong mix of technical momentum and improving fundamentals, but key questions remain about sustainability at these levels.

Technical Analysis

From a chart perspective, Bitcoin is firmly in price discovery mode. The breakout above $100,000 triggered a wave of bullish momentum, fueled by high volume and strong trend continuation signals. Short-term resistance may emerge near $108,000 based on Fibonacci extensions, while immediate support is seen around $98,000, the last consolidation zone before the breakout. Momentum indicators like RSI are approaching overbought territory, suggesting potential for short-term cooling, but the overall trend remains bullish unless support levels break decisively.

Fundamental Drivers

On the fundamental side, multiple factors are supporting the current rally. The recent approval and strong inflows into U.S.-listed Bitcoin ETFs have increased institutional exposure. Ongoing macroeconomic uncertainty, including Fed policy speculation and currency debasement fears, is also pushing investors toward hard assets like Bitcoin.

In addition, the recent halving has reduced the rate of new BTC issuance, tightening supply at a time of growing demand. On-chain data also shows strong accumulation by long-term holders, indicating confidence in the long-term value of Bitcoin.

That said, rapid price increases can often lead to sharp corrections. Watch for volatility as traders take profits or react to macro headlines. Still, the long-term structure continues to show strength.

Is this the beginning of a new macro leg up, or will we see consolidation before the next move? How are you positioning as Bitcoin pushes deeper into uncharted territory?