After gaining over 10% in the past week, Bitcoin (BTC) is once again in the spotlight as it crosses the $100,000 milestone, reaching a new three-month high of $105,500. However, the flagship cryptocurrency is now encountering a critical resistance level at $104,500, which could either trigger another leg higher or prompt a brief pullback before the next breakout.
Re-Accumulation Range Revisited
According to crypto analyst Rekt Capital, Bitcoin’s recent price action mirrors its historical post-halving cycles. He notes that BTC recently completed its first Price Discovery Uptrend and Correction, and is now attempting to establish a second Price Discovery Uptrend. But for that to be confirmed, Bitcoin must decisively close above the $104,500 resistance level and hold it as support.
At the time of writing, Bitcoin has slightly retraced after meeting resistance, with Monday’s weekly close just under the critical range top at $104,118. Rekt Capital emphasized that unless BTC closes above $104.5K on the daily and establishes support at that level, the rally may pause or even dip before continuing.
“Until that confirmation is in, this resistance will continue to act as one. And as resistances do, they tend to reject price,” he explained.
The Historical Blueprint: One More Dip?
The analyst draws parallels between Bitcoin’s current movement and its Q4 2024 performance, where the asset initially failed to break resistance, pulled back, then surged to a new all-time high. If this pattern repeats, Bitcoin could see one more rejection followed by a retest of lower levels before breaking out decisively.
To mirror this sequence, BTC would need to:
- Face rejection around $104,500
- Drop to the $97,000–$99,000 support zone
- Hold above $93,500 as a crucial level
- Break back above $99,000, then flip $104,500 into support
Interestingly, BTC has already followed this trajectory closely over the past week, being rejected near $99,000, dipping to $93,500, and then rallying past $100,000.
Rekt Capital adds that the lower high resistance now stands at $98,500, suggesting a minor 5% correction could be in the cards. However, he also clarified that the retest “doesn’t need to happen at all” if Bitcoin can successfully close and hold above $104.5K, paving the way for an immediate rally toward new all-time highs.
What’s Next for BTC?
The coming days will be pivotal. If BTC fails to hold above $104,500, a short-term dip toward $98,500 is possible, potentially presenting a last-chance buy opportunity before a historic breakout.
Conversely, if bulls maintain momentum and BTC closes above the resistance, Bitcoin could enter uncharted territory once again, igniting its second Price Discovery Uptrend and targeting new highs beyond its previous peak.
All eyes are now on the $104,500 level, a price point that may determine the immediate fate of Bitcoin’s march to glory.
