Key Insights:
- Bitcoin hits $94K resistance, with $93.5K and $90.5K as aggressive and defensive long zones.
- Breakout above $95.6K could trigger a run to $99K and possibly toward the $100K mark.
- Funding rates turn negative, signaling rising short pressure that may fuel a potential squeeze.
Bitcoin has moved up to $94,250, reaching a zone that traders have been watching closely. This level near $94,000 has acted as resistance in the past and is now being tested again. The price rose over 4% in the past 24 hours, showing strength ahead of the upcoming Federal Reserve policy meeting.
Analyst Lennaert Snyder noted, “Bitcoin just pumped right into key ~$94,000 resistance,” adding that a compression breakout was expected. He said that if Bitcoin holds above this level, the chart would show a higher low structure—an early sign for potential long positions. He pointed to $93,500 as the first aggressive long area, but only with signs of strength on lower timeframes. A safer long, he said, would come near $90,500, the base of the last strong move.
Source: Lennaert Snyder/X$95.6K and $99K Mark Next Critical Zones
If the price keeps moving higher, the next hurdles are $95,600 and $99,000. These zones have been trouble areas in the past, acting as strong resistance. Snyder explained that a break above $95,600 could clear the way for a rally toward $100,000. “If we reject ~$95,600, scalp-shorts after the failure are valid,” he warned.
Another market watcher, Big Cheds, shared a chart showing an ascending triangle on the 4-hour time frame. This setup shows higher lows forming under flat resistance—a pattern that often leads to breakouts.
Cheds wrote,
Source: Cheds/XHowever, If the move plays out, it would be the strongest push BTC has seen in months. However, traders will likely wait for a clean break and hold above $95K to consider that outcome.
CME Gap Filled at $89K
Earlier this week, Bitcoin Futures (CME: BTC1!) dropped into the $89,400–$89,800 range, closing a known price gap. These gaps are often filled as part of regular market movement. Once filled, they sometimes act as support.
Chart data shows that price bounced shortly after hitting that zone. A post from rektfencer stated, “$BTC tapped the CME gap already,” referring to the price action that completed the move. With that gap now filled, one short-term bearish target is no longer in play.
Short Squeeze Could Push Price Higher
Elsewhere, funding rates have shifted sharply into negative territory. This means more traders are betting against Bitcoin despite its rise. According to SuperBitcoinBro, the funding rate drop is the lowest since June. When this happens during a price increase, it can set up a short squeeze, where sellers are forced to buy back their positions at a loss.
If that squeeze plays out, it may help push Bitcoin past $95,600, and even test the upper zones near $99K or $100K. Until then, price action around current resistance will decide whether momentum continues—or fades.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/bitcoin-hits-94kis-a-breakout-to-100k/
