Bitcoin (BTC) Struggles to Break $100K, Market Awaits Stronger Signals

Bitcoin has remained range-bound between $99,000 and $102,000 since breaking above the psychological $100,000 level.

Bitcoin price has remained range-bound between $99,000 and $102,000 after breaking above the psychological $100,000 level. While the breakout initially sparked excitement among investors, the current price action reflects market indecision, with no clear direction for the weeks ahead.

Concerns about a potential correction linger as the broader market awaits stronger signals to confirm the next trend.

Bitcoin hesitates at key levels

Bitcoin has faced choppy price action recently, leaving the market in anticipation of the next big move, whether upward or downward. Traders and investors remain cautious, closely watching key technical and macroeconomic signals. The uncertainty has kept Bitcoin trading between $99,000 and $102,000 as market participants wait for a decisive breakout.

Top analyst Axel Adler recently shared a detailed macro analysis on X, shedding light on Bitcoin’s current position. According to Adler, the market has established two crucial support levels at $90,000 and $93,000, signaling that the overall market floor has shifted higher.

These levels could act as strong safety nets if Bitcoin experiences a short-term pullback. Adler emphasized that these supports reflect growing confidence in Bitcoin’s long-term potential despite the current indecision.

One notable observation is the decline in trading volume peaks, which presents a neutral signal. This indicates that traders avoid excessive risk, preferring to wait for clearer market signals before entering significant positions. The declining volume also suggests a reduced likelihood of extreme price volatility in the immediate term.

Related Reading: Dogecoin Whales Bought 210 Million DOGE During Recent Correction – Bullish Signal?

With Bitcoin stuck in its current range, the market remains highly sensitive to external factors. Any significant news or events could quickly trigger a breakout or breakdown, setting the stage for Bitcoin’s next major move.