Analysis: BTC overcomes short-term resistance, eyes $100K retest

Bitcoin could rise toward the $98,000 to $100,000 resistance zone after breaking through its previous high of $93,104, CoinDesk reported. The analysis notes that the Bitcoin 30-day Implied Volatility Index (BVIV) has fallen to 48, halting an upward trend that began in September. This is seen as a sign that market fear is rapidly subsiding, leading to a period of lower volatility. Additionally, the U.S. Dollar Index (DXY) has resumed its downward trend, which is considered a bullish signal for BTC. The correlation between spot prices and volatility has remained consistently negative since November of last year. However, CoinDesk added that if BTC falls back below the Ichimoku Cloud, its short-term upward momentum could weaken.