Bitcoin Stuck in Narrow Trading Zone
Bitcoin’s price has been moving sideways this week. It’s stuck between $100,700 and $104,700.This tight range suggests a breakout is coming soon.
Traders are watching the $100,700 and $104,700 levels closely. These points act as the floor and ceiling of the current price range. Despite several attempts, Bitcoin hasn’t broken out of this zone. This shows the market is undecided.
Key points to note:
- Trading Range: $100,700 to $104,700
- Major resistance: $104,700 is a strong barrier
- Low Volume: Lack of participation is holding back a breakout
The $104,700 level is especially vital. It’s not just the top of the current range but also aligns with other notable price points. This makes it a tough barrier to break through.
Bitcoin’s trading volume is low. This lack of buying or selling pressure is causing the slow price movement. Without a surge in volume, Bitcoin is unlikely to break out of its current range.
For now, traders are focusing on the back-and-forth between support and resistance. But a breakout will happen when one side gains control. When this happens,a strong volume increase will confirm the move.
What’s next for Bitcoin?
If Bitcoin breaks above $104,700 or below $100,700 with more volume, the price could move quickly.A breakout above $104,700 could push the price to $107,000–$110,000. Until then, expect more sideways movement.
