BTC Bulls Eye $98,000: Weekly Technical Analysis on Resistance Breakout

As Bitcoin faces this critical juncture in January 2026, traders are keeping their bulls eye firmly fixed on key resistance targets. Currently trading at $88.50K with modest +0.61% gains over the past 24 hours, the largest cryptocurrency is testing the patience of market participants who witnessed last week’s retreat from near $93,600 levels. The question now is whether buyers can muster the conviction to push through overhead barriers and validate the bullish narrative that seems to be forming.

Current Price Action and Market Momentum

The price action over the past several days reveals a market caught between competing forces. Bitcoin managed to hold the critical $90,000 zone—a development that preserved the longer-term bullish structure despite earlier weakness. From that foundation, buyers attempted a charge toward $98,000 resistance but ultimately retreated to close around $93,600. This week’s challenge will be whether that pullback was merely consolidation before further gains, or the beginning of a more significant correction.

For bulls eye targets to materialize, momentum must reignite early this week. The key battle will occur around the $94,000 level, which has emerged as the near-term battleground. If buyers can establish dominance here and maintain their holdings, the stage is set for another assault on $98,000. This level carries particular significance because a decisive close above it would suggest breakout potential toward the $103,500 zone—an outcome that would extend the rally significantly.

Key Target Levels for This Week

The resistance architecture above current levels reveals multiple layers that bulls must navigate. The first bulls eye target sits at $98,000, where sellers have congregated. Should buyers penetrate this zone decisively, $103,500 emerges as the next logical target. This upper boundary represents considerable psychological resistance, but technical projections suggest that surpassing it could open the door to $106,000-$109,000—a zone that may prove genuinely difficult to overcome.

Looking further ahead, if the bulls eye momentum persists and price action sustains above $100,000, the 0.786 Fibonacci retracement level near $116,000 enters consideration. This level represents the ultimate extended target for optimistic traders, though reaching it would require sustained buying pressure and a breakdown of several major resistance zones along the way.

Critical Support Zones to Monitor

The counterbalance to these bullish targets is the support structure below. The $91,400 level emerges as crucial early-week support that bulls must defend vigorously. Losing this floor would signal diminished conviction and hand momentum back to sellers. The subsequent support zone sits at $87,000, which acts as a containment level before the major $84,000 support.

A breach of $84,000 would represent a significant technical breakdown, opening the door to testing the $70,000 range—a scenario that would negate the constructive setup currently in place. This is precisely why maintaining support discipline at $91,400 remains non-negotiable for buyers attempting to realize their bulls eye targets.

Market Sentiment and Risk Assessment

Current market mood tilts slightly bullish, reflecting Bitcoin’s successful defense of $90,000 last week. Buyers showed enough resilience to mount a rally attempt, suggesting that the selling pressure may have temporarily exhausted itself. However, this optimism comes with caveats. The price oscillation from $93,600 down to current levels demonstrates that conviction remains fragile.

The risk factor that traders must respect: as Bitcoin approaches $100,000 and beyond, historical precedent suggests increased volatility and reversal potential. The $103,500-$109,000 zone represents not just technical resistance, but psychological significance that often triggers profit-taking from participants who entered at lower levels. Smart money frequently uses these zones to exit positions or add to short exposure.

Looking Ahead: Next Phase of the Rally

This week will prove instructional for determining whether the bulls eye outlook can transition from theory to reality. Early sessions will likely test support at $91,400. If this level holds with conviction, re-engagement with $98,000 becomes probable. A daily close above $98,000 would substantially improve the case for a push toward $103,500 and validate the constructive technical structure.

However, failure to maintain $91,400 opens an alternative scenario where bears regain initiative and push price back toward $87,000 and beyond. The next several weeks will determine whether this rally develops into a sustained move to new highs or rolls over into a corrective decline toward $80,000 or lower. Success hinges on whether buyers can demonstrate staying power through the resistance zones ahead—a true bulls eye execution would require disciplined management through multiple layers of overhead supply.

Technical Terminology Reference

Bulls/Bullish: Market participants expecting price appreciation; investors taking long positions.

Bears/Bearish: Market participants expecting price depreciation; investors taking short positions.

Support or Support Level: A price floor where buying interest typically emerges. Support weakens with repeated failures to hold the line.

Resistance or Resistance Level: A price ceiling where selling interest typically emerges. Resistance weakens with repeated tests and breakouts.

Fibonacci Retracement and Extension: Mathematical ratios derived from the golden ratio (1.618 and 0.618) used to project potential support, resistance, and target levels based on historical price movements.