Bitcoin is currently trading in a range between US$105,000 and US$102,734, standing at US$103,066. This price action indicates that BTC is waiting for a potential bounce. However, this cryptocurrency remains constrained and unable to break through significant resistance levels, highlighting the ongoing uncertainty in the market.
A lack of volatility prevents Bitcoin from making significant price movements. If the broader macro financial market shows improvement, Bitcoin could follow and surpass the US$105,000 resistance. Positive momentum in traditional markets could provide the necessary boost for Bitcoin to gain traction.
If the price of Bitcoin fails to maintain support at US$102,734, the next support level could be US$100,000. A drop below this level would signal a bearish reversal, negating the current bullish outlook and potentially initiating a price correction for Bitcoin.