Bitcoin Price Movement:$BTC Attempts to Break $97K but Retraces to $93K–$95K Range
Over the past few days, Bitcoin (BTC) has experienced a notable push toward the highly anticipated $97,000 mark, driven by strong market sentiment, institutional interest, and optimism surrounding the broader cryptocurrency market. However, despite this bullish momentum, BTC failed to sustain the breakout and has since retraced, now stabilizing between the $93,000 and $95,000 range.
The Push Toward $97K
The upward momentum was largely fueled by growing anticipation around the next halving cycle’s impact, continued inflows into spot Bitcoin ETFs, and a generally bullish outlook across traditional markets. These elements combined to push BTC close to the $97,000 threshold—a price point many traders had been eyeing as a psychological barrier and a potential catalyst for further gains.
Whale activity and short liquidations added to the upward pressure, with several large buy orders recorded on major exchanges like Binance and Coinbase. This surge prompted many to speculate whether BTC was preparing to enter a new price discovery phase.
Resistance and Rejection
Despite the bullish setup, Bitcoin encountered strong resistance just below the $97K mark. Profit-taking by short-term holders, along with macroeconomic uncertainties—including renewed concerns about interest rate policy in the U.S.—led to a short-term pullback.
This resistance was compounded by a slight dip in ETF inflows and a cooling off in overall crypto market enthusiasm. As a result, BTC corrected back to the $93,000–$95,000 zone, a range that has acted as a support level over the past week.
If Bitcoin can hold above the $93K support level, a renewed attempt at breaking $97K could materialize in the near term. However, failure to maintain that support might lead to a deeper correction toward the $90K level or lower.
