Bitcoin's recent price movements show signs of consolidation within a range of $94,800 to $98,700. After a recent drop from its all-time high near $99,661 to $90,800, the cryptocurrency found strong buying interest, forming a bullish engulfing pattern that suggests a potential reversal. Currently, the medium- and long-term trends remain positive, supported by upward-trending 50- and 200-day moving averages.
Short-term momentum appears cautious as Bitcoin shows signs of fatigue following its recent bullish rally. Analysts suggest that breaking above $98,000 could push the price toward the $100,000 milestone. However, resistance near $105,000 might limit further upside in the near term. Conversely, if selling pressure increases, Bitcoin could test lower supports near $90,000 or even $85,000.
Key indicators such as open interest and funding rates show balanced market dynamics, with some selling interest at recent price levels. The lack of significant liquidations or new capital inflows suggests the market is pausing, awaiting clearer direction. A decisive break above or below the current range will likely determine the next major move for $BTC .
This consolidation phase may offer opportunities for traders to position themselves for the next breakout, but caution is advised due to the potential for volatility.