Bitcoin (BTC) Price Consolidates as Market Awaits a Breakout

The price of Bitcoin (BTC) has been trading sideways with experts noting that the market has not entered the bull zone yet.

The price of Bitcoin (BTC) has been trading sideways with experts noting that the market has not entered the bull zone yet. Nevertheless, the cryptocurrency is still lingering below a number of crucial resistance levels that may cause it to give up on a breakout as of now.

CryptoJobs3 cautioned investors that it is wrong to think the market has started a bullish trend. Some crucial levels he identified includes $88,000, $90,000, $91,500, $94,000, and $95,000 as critical levels, through which bitcoin needs to kick start the upward movement.

"New update to come tomorrow, but don't think that we are in a bull territory here. The 88,000 – 90,000 – 91,500 – 94,000 & 95,000$ levels are a big challenge for the bulls!I don't expect anything new at the moment other than a sideway phase. The bearish scenario ... "

Short-Term Market Consolidation

He also pointed out that he envisions further lateral consolidation in the short-term saying that there is nothing new to look forward to. He also mentioned a bearish outlook that has already been discussed, which can still come true if the Bitcoin fails to breach past the barrier. For as long as these prices remain below the stated critical levels, market conditions remain conducive to consolidation or even a pullback.

Michael van de Poppe added his opinion on Bitcoin that the cryptocurrency is near a phase of consolidation. He said that the cryptocurrency remains within a specific range and still has not had a decisive price movement. The breakout above the $87,000 level could mean the beginning of the approach to a new ATH, while a breakdown below $82,000 may result in a drop to the lower support levels.

"The current picture is characterized by confusion and uncertainty. The price range between $82,000 and $87,000 remains a fairly volatile one - there are no trends for traders here."

Bitcoin at Key Crossroad

The market situation has forced many investors to remain passive simply waiting for something to happen. As traders wait for the next update which may carry a directional cue, this should provide some upside, but will always be done with caution because of the stubborn resistance levels above.

For now, Bitcoin sits and consolidates in the range and fails to make a decisive move up or down. Prices have remained anchored around the $87,000 breakout level as well as the critical $82,000 support, which may offer pivotal levels for the market direction. For the meantime, however, traders should be wary as Bitcoin presents itself at a crossroad in its price chart—one that is surrounded by horizontal lines and characterized by uncertainty.