PK Press Club – Although the current state of the market indicates that it may not happen anytime soon, the journey to $100,000 has been a hot topic. The $60,000-$70,000 range that has dominated most of 2024 is compared to the current market by analysts.
Range trading dominates
As buyers invest nearly $90,000 to take advantage of the dips, Bitcoin appears to be trapped in a narrow trading range (BTFD). Since the $90,000 area provides strong support and closely aligns with the 50 EMA, this strategy has proven to be effective. The $100,000 mark has become a technical and psychological barrier on which traders want to lock in their gains. There is no new stimulus in the market as a whole to support a breakout.
Institutional flows such as ETF approvals or large corporate purchases are not increasing fast enough to push prices above $100,000. Additionally, short-term traders continue to de-risk their positions as Bitcoin approaches a crucial resistance zone, even as long-term holders feel comfortable building at these levels.
A consolidation pattern is visible on the Bitcoin price chart, with the RSI hovering around the neutral 50 level. This suggests that there is not much momentum in either direction. The low volume indicates that neither the bulls nor the bears are in complete control. At $90,000 there is immediate support; if this level is breached, the 100 EMA around $87,000 could become accessible.
In order to retest the $100,000 level, there must be a clear break above $97,000. It is still possible for investors who are unsure about range trading to hold spot positions. Bitcoin’s long-term potential is not affected by changes in the macro environment, but short-term volatility and limited movements are likely to continue.
