The current state of the Bitcoin market suggests that reaching $100,000 may not happen soon. Bitcoin has been trading in a narrow range, with buyers stepping in near $90,000 to profit from dips. This strategy has been successful as it aligns with strong support and the 50 EMA. However, there are no new market stimuli to support a breakout.

Institutional flows and significant corporate purchases are not increasing fast enough to push prices above $100,000. Short-term traders are also derisking their positions as Bitcoin approaches a crucial resistance zone. Long-term holders, on the other hand, feel comfortable building at these levels.

The Bitcoin price chart shows a consolidation pattern, with the RSI indicating a lack of momentum in either direction. Low volume indicates that neither bulls nor bears are in control. Immediate support is at $90,000, and if this level breaks, the 100 EMA at $87,000 may become accessible.

To retest the $100,000 level, a clear breakout above $97,000 is needed. Investors uncertain about range trading can still hold spot positions. While the long-term potential of Bitcoin remains unaffected by macro-environment changes, short-term volatility and range-bound movement are expected to continue.



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