Bitcoin News: Bitcoin Must Reclaim $106K to Trigger New Price Discovery, Say Traders

Bitcoin Faces Key Resistance at $106K, While $85K Retest Remains PossibleCrypto traders are eyeing $106,000 as a critical level for Bitcoin (BTC) to confirm its next bullish leg, with some warning that a drop to $85,000 remains on the table if current support fails.Pseudonymous trader Pentoshi believes a move back to $106K would lead to a new round of price discovery, allowing BTC to break beyond its all-time high of $109,000 set in January. However, if Bitcoin breaks below the $92,000-$94,000 support zone, the next major support sits at $85,000, a level not seen since November 2024.Is a Bitcoin Pullback to $85K or Even Lower Possible?Bitcoin is currently trading at $96,340, according to CoinMarketCap data, with traders divided over its next move.Crypto analyst AlejandroBTC recently noted that Bitcoin’s current trajectory "kinda looks like we’re heading for $85K."Arthur Hayes, co-founder of BitMEX, has an even more bearish outlook, predicting BTC could drop to $70,000-$75,000, which he believes could trigger a "mini financial crisis."Meanwhile, trader Mister Crypto said that $90,000 would be his cue to open another major trade, while Donny emphasized that the next few weeks will be crucial in determining Bitcoin’s direction.Bitcoin’s March Performance Holds Key to New HighsHistorically, March has been a strong month for Bitcoin, delivering an average return of 13.42% since 2013, according to CoinGlass data.AshCrypto predicts a new all-time high for BTC by March, reinforcing expectations for a bullish breakout.ARK Invest CEO Cathie Wood remains bullish on Bitcoin’s long-term trajectory, raising her odds of BTC hitting $1.5 million by 2030 due to increasing institutional adoption.Key Bitcoin Levels to Watch$106K Breakout: Could signal the start of a new price discovery phase.$92K-$94K Support Zone: A breakdown could trigger a retest of $85K.$85K Support: A failure here could lead to deeper corrections toward $70K-$75K.With traders and analysts divided, Bitcoin’s next move hinges on whether bulls can reclaim key resistance levels or if another correction is imminent, according to Cointelegraph.