Bitcoin BTC targets $98,000 as price consolidation phase continues
#Write2Earn
Bitcoin BTC continues to fluctuate within a defined range, trading near the support level of $98,000 and the resistance level of $127,400, reflecting the ongoing current phase of price consolidation.
Recent rebounds at the upper boundary of the range have confirmed that the market has not yet regained the necessary directional momentum. The overall market structure suggests that Bitcoin is likely to remain in this balanced area in the coming period, with price oscillating between clear support and resistance levels.
Key Technical Points
Main Range: Bitcoin continues to trade within a wide range, between the support level of $98,000 and the resistance level of $127,400.
Recent Rebound: The price was rejected at the upper boundary of the range, leading to a retest of the lower value area.
Market Forecast: Price consolidation remains dominant until a decisive breakout occurs, determining the direction of the upcoming price.
It is noteworthy that the current structure of Bitcoin's price indicates a long phase of sideways movement, after rebounding from the upper boundary of the range at $127,400. Significant selling pressure and profit-taking activities have emerged.
This rebound has led to a price decline first towards the middle of the range, and now towards the lower value area, where the price is trying to stabilize.
