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Although the current market situation suggests that this may not happen anytime soon, BitcoinThe journey to $100,000 has been a hot topic. The $60,000-$70,000 range that has dominated the majority of 2024 is compared to the current market by Analysts.
Range trading dominates
With buyers reaching near $90,000 to take advantage of the declines, Bitcoin It appears to be trapped in a tight trading range (BTFD). Since the $90,000 area represents strong support and is closely aligned with the 50 EMA, this strategy has proven successful. The $100,000 level has developed into a technical and psychological barrier where traders want to make gains. There are no new catalysts in the overall market to support a breakout.
Lack of stimuli
Institutional flows such as ETF approvals or large corporate buyouts are not growing fast enough to push prices above $100,000. Moreover, short-term traders are still unwinding their positions as Bitcoin approaches a crucial resistance area, although long-term holders feel it is easier to build at these levels.
Related to
The consolidation pattern can be seen on Bitcoin Price chart, where the RSI is around the neutral 50 level. This indicates that there is not much momentum in either direction. Low volume indicates that neither bulls nor bears are in complete control. At $90,000, there is immediate support; If this level is broken, it may become possible to reach the 100 EMA of around $87,000.
In order to retest the $100,000 level, there needs to be a clear break above $97,000. Investors who are not sure about trading in the range can still hold spot positions. Bitcoin's long-term potential is not affected by changes in the macro environment, but short-term volatility and range-bound movement are likely to continue.
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