Bitcoin traders are closely monitoring levels of support and resistance, particularly focusing on the psychologically significant $100,000 mark. Despite a recent downward trend, analysts believe that bitcoin is still in a strong upward trend that has seen it reach multiple all-time highs. Influencer Wendy O highlighted the importance of levels like $100,000 and $90,000, noting that they could spark excitement and potential selling pressure. Institutional demand and the increasing interest of countries in using bitcoin as a strategic reserve could drive its price higher. Technical analysts have identified support levels at $85,000-$86,000 and $80,000, while resistance is expected at $95,000-$96,000 and $100,000. Traders should also consider volume, macroeconomic factors, and sentiment in shaping bitcoin's medium-to-long-term direction. Tim Enneking suggested that if $90,000 breaks, bitcoin could see further downside before reaching a new all-time high amidst the prospect of a pro-crypto administration.



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