Bitcoin (BTC) Price Action Remains Uncertain as Bulls Struggle to Reclaim $100K Mark

Bitcoin is trading below the $100,000 mark, with bulls unable to reclaim this key level for over three weeks.

Bitcoin’s price has remained below the $100,000 mark for over three weeks now, as bulls struggle to reclaim this key level. Despite trading above critical demand zones, market uncertainty and volatility continue to impact sentiment. Investors are growing impatient, waiting for a decisive move in either direction.

Meanwhile, Glassnode’s Short-Term Holder Spent Output Profit Ratio (STH-SOPR) on a 7-day Simple Moving Average (SMA) is once again testing the breakeven level at 1.0. This metric measures whether short-term holders are selling at a profit or loss, providing crucial insights into market sentiment.

Historically, a breakout above the 1.0 level has confirmed a shift in momentum, often leading to strong bullish trends. However, failure to hold above this level has frequently resulted in renewed selling pressure. The last attempt in early January was successful but short-lived, making this test a critical moment for Bitcoin’s next move.

If BTC price manages to reclaim $100,000 while the STH-SOPR breaks above 1.0, we could see a bullish trend reversal. However, another rejection at this level might lead to another wave of selling pressure, pushing BTC toward lower demand levels.

Bitcoin Price Analysis: Key Highlights

Bitcoin price opened the new week with a slight gain, rising from last Friday’s close at $95,174. After hours of consolidation, BTC price reached a high of $95,534, attempting to build momentum toward the upper boundary of the short-term trading range.

The price quickly retraced from the local top, facing strong resistance at $95,500. This level has capped Bitcoin’s advance multiple times in recent weeks, hindering bulls from pushing BTC above $96,000.

As the price fell back into the range, it found support around $95,200, which aligns with the 50 four-hour Simple Moving Average (SMA). This moving average has acted as dynamic support and resistance throughout Bitcoin’s recent consolidation.

After testing the 50 4-hour SMA, Bitcoin price recovered slightly, trading in the mid-$95,000s at the time of writing. The price is now attempting to build momentum once again, eyeing another test of the upper range boundary at $95,500.

After another failed attempt to break above $95,500, Bitcoin price fell back to the lower boundary of the short-term trading range. This level, marked by the 100 4-hour SMA, has provided strong support for BTC throughout its recent consolidation.

As the price approached the lower range boundary, it found support at $94,800, which aligns with the 100 4-hour SMA. This moving average has acted as dynamic support and resistance throughout Bitcoin’s recent consolidation.

After testing the 100 4-hour SMA, Bitcoin price recovered slightly once again, now trading in the mid-$94,900s at the time of writing. The price is attempting to build momentum again, eyeing another test of the lower range boundary at $94,800.

Bitcoin price is now attempting to build momentum once again, eyeing another test of the upper range boundary at $95,500. If BTC price manages to break through this resistance level, it could pave the way for a push toward the $96,000-$97,000 zone.

Alternatively, if the price fails to reclaim $95,500 and loses momentum, it risks falling back toward the lower boundary of the short-term trading range. In this case, another test of the 100 4-hour SMA at $94,800 could be on the cards.