Bitcoin's price hovers near the crucial 100-day moving average at $96K, facing resistance from sellers. A decisive breakdown could trigger a deeper correction, but a bullish rebound towards $100K remains possible. The RSI suggests a balanced market, with a breakout in either direction determining the next trend. Traders should prepare for heightened volatility as Bitcoin consolidates near all-time highs.
Bitcoin is struggling to regain momentum, with its price action stagnating around the 100-day moving average. The current market structure suggests a pivotal moment, where a bullish rebound remains a strong possibility.Bitcoin’s price has been consolidating near the crucial 100-day moving average at $96K, with sellers attempting to push it below this key support. A decisive breakdown could trigger a deeper correction toward the substantial $90K support in the coming weeks.
On the flip side, if buyers defend this critical zone and initiate a rebound, an upward move toward the $100K psychological resistance becomes increasingly likely. The RSI hovers near the neutral 50 mark, signaling a balance between bulls and bears, with a breakout in either direction determining the next trend.Zooming into the 4-hour timeframe, Bitcoin’s price action remains within a large bullish flag pattern.
However, a failure to hold this level could accelerate selling pressure, potentially dragging the price toward the $90K mark or lower. Until a breakout occurs, traders should prepare for heightened volatility and cautious market movement.Bitcoin’s prolonged consolidation near all-time highs can largely be attributed to substantial profit-taking by long-term investors. This trend is evident in the Long-Term Holder SOPR metric, which measures the profitability of coins held for over six months.
The 30-day moving average of the Long-Term Holder SOPR suggests that long-term investors have been actively selling their holdings to secure profits. This selling pressure has played a significant role in Bitcoin’s struggle to extend its rally. However, it’s worth noting that these profit-taking levels remain lower than those observed last summer when Bitcoin was trading at lower price levels.
If selling pressure eases, Bitcoin could gain the necessary momentum for a new leg higher, potentially breaking out of its current consolidation phase and aiming for new all-time highs.Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
BITCOIN PRICE ACTION SUPPORT LEVELS BULLISH RECOVER RSI
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