Bitcoin's next move is a topic of much speculation. Currently, Bitcoin is consolidating between the $98,996 resistance zone and $91,735 support level ¹. A clear breakout above $98,996 could open the door to a retest of the highly anticipated $100,000 psychological level and beyond. On the other hand, failure to break above $98,996 might trigger another retest of the $91,735 support zone, increasing bearish pressure and exposing Bitcoin to further downside.
Some analysts predict that Bitcoin will rebound to $100,000 by the end of the year, driven by factors such as the Bitcoin halving, which took place in April, and the potential pro-crypto stance of the incoming US administration ². Others suggest that the next big move for Bitcoin will depend on market participants breaking the current consolidation zone ¹.
In terms of technical analysis, Bitcoin's 50-day and 200-day moving averages are currently sloping up, indicating a strong trend ³. However, the Relative Strength Index (RSI) is within the 30-70 neutral zone, suggesting that the price is trending neutral.
Overall, Bitcoin's next move is uncertain, but a breakout above $98,996 or a retest of the $91,735 support level could provide clues about its future direction.