Bitcoin Enters Greed at Major Resistance—Bull Trap or Breakout!?

Bitcoin($BTC ) is currently trading near a key resistance zone($102,000-$97,900), overlapping with a Potential Reversal Zone (PRZ)[$100,800-$97,940] and the 100_SMA(Daily), which makes this area technically sensitive.

The Bitcoin Fear & Greed Index has finally entered the Greed zone after several weeks, suggesting improving sentiment—but also raising caution from a contrarian perspective.

Bitcoin appears to be attempting a breakout above the $95,000 level, which is a major psychological and technical trading zone. However, this breakout has not been supported by strong volume, which weakens its reliability.

From an Elliott Wave perspective, Bitcoin seems to be in the final stages of completing the main Wave C. The internal structure of this Wave C resembles an Expanding Ending Diagonal, a pattern that often appears near the end of corrective or terminal moves.

One of the main external risks for Bitcoin and other risk-on assets is the potential escalation of geopolitical tensions in the Middle East, which could intensify in the coming days and increase market volatility.

As long as Bitcoin fails to stabilize and hold above the $102,000 level, there is still a strong possibility that the recent rally over the past few weeks is corrective in nature, rather than the start of a new impulsive uptrend. In that case, Bitcoin could resume a deeper pullback.

First Target: $94,023

Second Target: Cumulative Long Liquidation Leverage: $93,520-$92,580

Stop Loss(SL): $100,823/$102,143(Worst)

CME gap: $94,790-$94,415

CME gap: $88,720-$88,120

Cumulative Long Liquidation Leverage: $87,125-$86,000

What’s your view on Bitcoin?

Has Bitcoin already started a new bullish trend, or should we still expect another corrective move?