Bitcoin approaches $100K while traders eye altcoins

Bitcoin’s (CRYPTO:BTC) price is consolidating near the critical $100,000 level, showing a tug-of-war between bullish and bearish sentiments.

According to CryptoQuant contributor Percival, Bitcoin’s weekly momentum has weakened, hinting at extended consolidation.

Despite this, analysts maintain a long-term positive outlook for the cryptocurrency.

Quinten François, co-founder of WeRate, stated on X that Bitcoin has entered the “euphoria stage,” projecting that this phase could prolong the rally for up to 12 months before reaching its cycle peak.

Amid Bitcoin’s pause, traders have shifted their attention to select altcoins, including Dogecoin (CRYPTO:DOGE), SUI (CRYPTO:SUI), Pepe (CRYPTO:PEPE), and Fantom (CRYPTO:FTM).

However, Felix Hartmann, managing partner of Hartmann Capital, warned that venture capitalists and teams might book profits on altcoins aggressively, potentially triggering a downturn in these markets.

Bitcoin’s resistance at $100,000 is seen as a crucial psychological barrier.

Analysts suggest that a breakout above $104,088 could amplify bullish momentum, targeting price levels of $113,331 and possibly $125,000.

However, a failure to sustain the current levels might lead to a correction, with the price potentially dipping to $90,000 or even $84,110, aligning with the 50-day simple moving average.

The BTC/USDT pair has maintained its position above moving averages, slightly favoring the bulls.

The $101,900 to $104,088 zone remains a key resistance area, with a breach likely setting the stage for further upward movement.

Conversely, a dip below the averages could signal profit-taking among short-term traders, intensifying downward pressure.

As Bitcoin navigates this critical juncture, traders are keeping a close eye on its next moves, alongside the performance of notable altcoins.

At the time of reporting, the Bitcoin price was $99,541.13.