Bitcoin Breaks Through Key Resistance, Sets Sights on $100,000

Bitcoin has broken through its long-standing resistance level of $85,000, and market attention is now focused on the psychologically significant mark of $100,000. According to data from Glassnode and CryptoQuant, selling pressure at this level has diminished significantly, while accumulation patterns are resurfacing. The cost basis of investors who purchased Bitcoin 18 months to two years ago is approximately $88,350, which some may choose to sell near breakeven as prices approach these levels.

The return of institutional valuation anchors and a shift in macro policy expectations have also contributed to the rally. Bitwise's cost-based benchmark data shows that Bitcoin has once again aligned with its key benchmarks, including the short-term holder cost benchmark of roughly $73,000. The market is now entering a distribution phase where profits are historically difficult to sustain.

The Fibonacci analysis framework employed by Bitwise identifies key levels around $92,000 and $100,000, highlighting the convergence of technical and on-chain indicators in this zone. Deribit's data shows that approximately $2.1 billion worth of Bitcoin call options are concentrated at the $90,000 strike price, $2.4 billion at $95,000, and another $1.8 billion at $100,000.