Bitcoin Climbs Toward 93K Resistance with Next Major Target at 98K Level

Key Insights:

• Bitcoin jumps over $10,000 in 40 hours, triggering $1B in leveraged position liquidations.
• Traders eye $93K resistance, which could push Bitcoin toward $98K in the short term.
• Tom Lee predicts Bitcoin may hit $126K in 30 days, citing strong December momentum.

Bitcoin has continued its upward trend, nearing the $93,300 mark. The leading cryptocurrency gained over 7% in the past 24 hours and has added more than $10,000 in value in the last 40 hours.

Bulls Eye $93K as Key Resistance Level

Bitcoin is currently trading at $93,294 with strong momentum and is approaching a major resistance level near $93,300. Analysts say that if this level is cleared, the next target for buyers could be around $98,000.

Market analyst Captain Faibik shared, “$Bitcoin bulls are once again trying to break the 93k Resistance level… If they succeed, the next target will be 98k.” This view is widely adopted by crypto traders who track short-term price levels.

Technical traders are watching closely to confirm whether Bitcoin can hold above this price range. As the price approaches this zone, trading volumes have also surged, with over $84 billion traded in the last 24 hours.

Rapid Price Gain Triggers Heavy Liquidations

Meanwhile, Bitcoin’s sharp rise has resulted in major liquidations across the market. Over $1 billion in leveraged positions, including both shorts and longs, have been wiped out in the past 48 hours.

According to Bull Theory, “Bitcoin almost hit $94,00. It’s now up $10,200 in the last 40 hours.” This increase has caught many traders off guard, especially those betting against the rally.

The sudden price move has led to increased volatility, which has affected both spot and derivatives markets. Analysts note that this level of liquidation shows many traders were not prepared for such fast gains.

Tom Lee Eyes $126K Bitcoin Within 30 Days

In addition, Market strategist Tom Lee has suggested a much higher target for Bitcoin within a short timeframe. Speaking on CNBC, Lee said that Bitcoin could exceed $126,000 within the next 30 days.