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Since Bitcoin broke above the psychological $100,000 level, it has been trading within a range of $99,000 to $102,000. While this breakout initially sparked excitement among investors, the current price action reflects market indecision, with no clear direction for the coming weeks. Concerns over a possible correction remain as the entire market waits for stronger signals to confirm the next trend.
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Top analyst Axel Adler recently shared insights on X backed by CryptoQuant data and highlighted two key support levels: $90,000 and $93,000. These levels represent key demand areas and highlight a rising market floor, a positive sign of resilience amid uncertainty. According to Adler, these supports could act as a safety net and absorb selling pressure if Bitcoin fails to maintain momentum above $100,000.
Despite the hesitations, Bitcoin's ability to remain above $100,000 on consecutive days provides some optimism among investors. It remains unclear whether the market will break out of its current range and continue the bull run or face a correction. For now, all eyes are on Bitcoin's price action around these key levels as traders look for clues that will set the tone for the rest of the year.
Explanation of technical details of Bitcoin
Bitcoin has been experiencing volatile price movements lately, with the market looking for the next big move, whether it's up or down. Traders and investors remain cautious and are closely monitoring key technical and macroeconomic signals. Due to uncertainty, Bitcoin is trading between $99,000 and $102,000 as market participants wait for a definitive breakout.
Top analyst Axel Adler recently shared a detailed macro analysis on X and revealed Bitcoin's current position. According to Adler, the market has established two important support levels at $90,000 and $93,000, indicating that the overall market floor is shifting higher.
These levels could act as a strong safety net if Bitcoin suffers a short-term decline. Adler emphasized that these endorsements reflect growing confidence in Bitcoin's long-term potential, even though it is currently undetermined.
Bitcoin Relative Volatility Deviation | Source: Axel Adler of X
One notable observation is the decrease in peak trading volumes, which indicates a neutral signal. This indicates that traders prefer to avoid excessive risk and wait for clearer market signals before entering significant positions. Decreasing volume also suggests that the likelihood of extreme price movements in the near term is decreasing.
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With Bitcoin locked in its current range, the market remains highly sensitive to external factors. Any significant news or event could quickly cause an eruption or collapse, setting the stage for Bitcoin's next big move.
BTC price fluctuation
Bitcoin failed to surpass its all-time high of $103,600 and is trading at $100,100. The current share price decline reflects market indecision, even though prices remain above key demand levels. Bitcoin’s resilience above $100,000 suggests that bullish momentum may still remain as buyers look for opportunities to push the price higher.
BTC tests liquidity at $100,000 | Source: BTCUSDT chart on TradingView
However, the next few days will be critical. If Bitcoin fails to sustain above the psychologically important $100,000 level and struggles to find momentum above $103,600, a correction could be imminent. Analysts have warned that a break below $100,000 could trigger a wave of selling pressure that could push the price towards a lower support zone.
The $93,000 level is an important area to watch during a recession. Losing this important support significantly increases bearish risk as it represents an important demand zone for the market. Failure at this level could lead to a sharper correction and challenge Bitcoin's bullish structure.
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Bitcoin's ability to sustain above $100,000 provides some cautious optimism. If the bulls can sustain support and facilitate a breakout above all-time highs, Bitcoin could enter a new price discovery phase. However, because the stakes are high, any movement up or down these levels is crucial for short-term direction.
Featured image from Dall-E, chart from TradingView
