Bitcoin faces resistance near $94,000 as bulls push for $100,000

Bitcoin (CRYPTO:BTC) surged nearly 11% last week, reaching above $94,000 for the first time since early March, but analysts warn it may encounter strong resistance between $94,125 and $99,150.  

Ali Martinez, a cryptocurrency analyst known for technical and on-chain analysis, identified this zone as “critical,” noting that 2.61 million wallets hold 1.76 million BTC there, which could limit further upside.  

Martinez also pointed to bearish signals on Bitcoin’s 4-hour chart, including a divergence in the Relative Strength Index and multiple sell signals from the TD Sequential indicator.  

Despite these warnings, exchange netflows were positive in the last 24 hours, suggesting accumulation as more BTC was deposited than withdrawn.  

The recent price rebound has sparked bullish forecasts from major institutions.  

Standard Chartered reiterated a $200,000 year-end price target for Bitcoin and a $500,000 target for 2028.  

Ark Invest’s Big Ideas 2025 report upgraded its 2030 Bitcoin price estimates, setting bear, base, and bull cases at approximately $300,000, $710,000, and $1.5 million respectively.  

Bitcoin’s price is currently around $93,642, with key resistance levels near $95,500 to $97,000 and support near $92,000.  

Technical indicators such as the MACD and RSI show strong bullish momentum, though short-term pullbacks remain possible.  

Traders are advised to monitor price action closely around these resistance points, as breaking through could signal further gains toward the $100,000 psychological level.  

The next few weeks will be critical in determining whether Bitcoin can sustain momentum and overcome the resistance zone to reach new highs.

At the time of reporting, the Bitcoin price was $93,699.46.