The road to new Bitcoin highs faces a minor resistance zone between $104,700 and $105,770, where a 'supply wall' of 107,000 BTC is concentrated, according to analyst Ali Martinez. Bitcoin is currently trading significantly above the critical support zone of $95,400–$98,400, where 1.77 million addresses purchased over 1.53 million BTC.

Michael van de Poppe, the founder of MN Trading, shares a similar sentiment, stating, "I would like the $100,000 mark to hold—in that case, I expect new historical highs."

Meanwhile, Glassnode analysts highlight a sharp decline in the funding rate (7-day moving average) from its mid-December peak of 0.026% to below 0.01%. This shift indicates cautious market positioning, with speculators hesitant to pay premiums for long positions. Demand for leveraged long trades also remains low across most exchanges.

Despite these developments, Martinez has emphasized that there is no indication of the Bitcoin market entering a bearish phase. The outlook suggests that the $100,000 mark will be crucial in determining Bitcoin's trajectory toward new all-time highs.

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