Here's a concise breakdown of the key points from Cointelegraph’s analysis on Bitcoin's current price action:
1. Resistance and Trading Range:
Resistance Level: Bitcoin is struggling to break above $98,000, with increased profit-taking adding pressure.
Current Range: Since April 22, BTC has been trading between $93,000 and $97,900, without closing above $97,440.
2. Market Behavior and Indicators:
Profit-Taking Spike: The Realized Profit/Loss ratio shows elevated selling at a profit, especially in the $93K–$96K range—suggesting a potential market top.
86% of BTC in Profit: Historically bullish, but it also raises the risk of more short-term selling.
3. Technical Outlook:
Crucial Levels: BTC needs to close above $95,000 daily and flip $98,000 into support to aim for $100K+.
Bearish Scenario: If BTC falls below $92,000, the next support zones are:
$90,000 (100- & 200-day SMAs)
$85,000–$75,000, which would erase post-tariff pause gains.
4. Catalysts & Risks:
Bullish: Strong inflows from spot Bitcoin ETFs ($1.8B last week) and potential positive momentum from the upcoming Fed decision.
Bearish: Short-term traders intensifying sell pressure near $95K and potential for a correction if resistance holds.