Bitcoin is still below $100,000, with little fluctuation over the weekend. This major resistance zone continues to be a significant challenge for optimistic investors as determined short sellers maintain the price. Breaking above $100,000 is crucial for Bitcoin to continue its upward momentum.

In the price chart, a head and shoulders pattern may be forming, indicating a downside risk. However, if Bitcoin breaks above $100,000, this bearish signal will be invalidated, paving the way for a new uptrend.
Meanwhile, on-chain metrics paint a more positive picture. The amount of Bitcoin reserves on exchanges has been decreasing lately, indicating that Bitcoin is becoming scarcer. This reflects optimistic investor sentiment, as they tend to hold onto assets rather than sell, thus reducing selling pressure in the market.
Furthermore, the inflow into exchanges - a key indicator of potential selling activity - has also been declining since December 30. The decline in Bitcoin transfers to exchanges continues to strengthen the positive prospects for Bitcoin prices.