Crypto Quill

Bitcoin has reclaimed the $90,000 mark, fueling speculation that the world’s largest cryptocurrency could be on its way to an all-time high. After touching a 24-hour peak of $90,623, BTC continues to recover from its recent dip to $78,197. But with intense market fluctuations, resistance levels remain a hurdle for bulls eyeing six figures.

BTC Eyes a Breakout After a Sharp Rebound

Bitcoin’s latest price action reflects a strong comeback. Over the past seven days, BTC has seen extreme volatility, ranging from a low of $78,197 to a high of $95,152. The latest rebound has brought BTC back above key technical levels, reinforcing optimism among traders.

The daily chart suggests a sustained bullish pattern, supported by the 200-day EMA (Exponential Moving Average). The formation of a morning star pattern—a bullish reversal indicator—suggests increasing buying pressure.

One key technical factor at play is the 50-day EMA, which is emerging as a near-term resistance level. If Bitcoin clears this hurdle, the rally could accelerate towards $94,000 and beyond.

Market Signals Indicate Strength, But Resistance Looms

Momentum indicators suggest Bitcoin may be gearing up for another push. The MACD (Moving Average Convergence Divergence) is on the verge of a bullish crossover, signaling potential upside. Meanwhile, price action remains supported by the Kijun line in Ichimoku analysis—a key factor noted by analysts.

However, there are challenges ahead.

• The 100-day EMA at $92,964 remains a critical resistance.
• Horizontal resistance at $99,514 could be a key test before BTC approaches $100,000.
• Downside risks remain if Bitcoin fails to hold support at $85,000 or drops toward $80,000.

If bulls maintain momentum, a test of $94,000 could confirm strength in the uptrend. Otherwise, Bitcoin could see a temporary pullback.

Analyst Sees Bullish Setup for Bitcoin

Crypto analyst Titan of Crypto highlights a bullish outlook based on Ichimoku analysis. The weekly BTC chart shows lower price rejections, indicating strong support at the Kijun line.

This suggests that Bitcoin’s recent bounce is backed by a solid technical foundation. If BTC closes above the Tenkan line at $94,000, it could signal a shift in momentum, potentially leading to a new all-time high.

“Bitcoin is respecting its key support levels,” said Titan of Crypto. “The market structure remains bullish, and a breakout past $94,000 could pave the way for a massive move.”

Bitcoin ETFs Record Net Outflows—A Cause for Concern?

Institutional interest in Bitcoin has been a driving force behind its recent price movements. However, the latest data on spot Bitcoin ETFs suggests investors are taking a cautious stance.

On March 3, US Bitcoin ETFs saw a net outflow of $143.43 million, marking the second consecutive day of negative flows.

ETF Provider	Net Flow (March 3)
Grayscale	+$35.79M
BlackRock	$0 (Net Zero Flow)
6 ETFs (Various)	-$13M to -$46M
Total Net Outflow	-$143.43M

While BlackRock and other major funds held steady, multiple Bitcoin ETFs reported significant outflows. This trend has raised concerns about whether institutional investors are growing wary of BTC’s short-term outlook.

Can Bitcoin Hit $100K?

The path to $100,000 isn’t straightforward. While technical indicators and analyst insights suggest a bullish trend, macroeconomic factors could play a role in determining BTC’s next move.

• Global market uncertainty: Economic instability and geopolitical tensions could trigger volatility in Bitcoin’s price.
• Regulatory concerns: Governments worldwide are keeping a close watch on crypto markets, and regulatory shifts could impact momentum.
• Market psychology: Bitcoin’s psychological resistance levels at $99,514 and $106,000 could trigger profit-taking before a sustained move higher.

On the flip side, strong support remains at $85,000 and $80,000, providing a safety net in case of a pullback.

Bitcoin’s journey toward six figures is far from over, but with current momentum and market dynamics, a new all-time high may not be too far off.