Bitcoin Approaches $100,000

Bitcoin is inching closer to reclaiming the much-coveted $100,000 level, trading at $98,407, according to CoinGecko data.

Earlier this Thursday, Bitcoin reached an intraday high of $98,504 after a 2.5% price increase. The flagship cryptocurrency is now nearing key horizontal resistance.

> 🚨 Crypto alert:
> [#BTC-#USDT] Near Horizontal Resistance (1h) — 100eyes Crypto Scanner 🌐 (@100eyesCrypto) February 20, 2025

Over the past two weeks, bulls have repeatedly tried and failed to gain a foothold above the $98,000 level. Bitcoin has not traded above the $100,000 level since Feb. 7, prompting speculation about whether the cryptocurrency’s rally has run out of steam.

The cryptocurrency reached a new all-time peak of $109,356 on Jan. 20 on the Bitstamp exchange but has since experienced a painful 16% correction.

As reported by U.Today, banking giant JPMorgan recently predicted that Bitcoin might experience a substantial correction due to waning demand for CME futures, suggesting lower institutional interest. Analysts noted that there was no bullish catalyst in the short term.

“$100K and the Party Starts”

However, some pundits are more optimistic. Famed pseudonymous trader DonAlt believes a major rally might start once Bitcoin crosses the $100,000 level, but he cautioned that it is too early to celebrate.

Earlier today, popular trader Bob Loukas also predicted that Bitcoin might soon leave the five-digit territory for good. Loukas stated that there was “no reason to doubt” the market since it seems to be “primed for a major advance.”