Bitcoin’s price experienced significant volatility yesterday, swinging between $92,300 and $96,420. Currently hovering near $93,000, Bitcoin is struggling to establish a clear direction in the short term. Uncertainty looms over whether Bitcoin will sustain its bullish structure or face a deeper correction as market participants await decisive action.
CryptoQuant analyst Axel Adler highlighted a trend among short-term holders (STH) who are selling their coins at high profit margins, taking advantage of Bitcoin’s recent upward momentum. However, the lack of consistent demand to absorb this selling pressure could challenge price stability. This delicate balance between profit-taking and market demand makes the coming days critical for determining Bitcoin’s next move.
Despite days of intense volatility, Bitcoin has been unable to break above the $100,000 psychological barrier while holding firm above the $92,000 support. The ongoing tug-of-war between bullish and bearish forces is apparent as investors and analysts closely monitor Bitcoin’s next move. If Bitcoin successfully holds above $90,000, a period of consolidation around this level could set the foundation for the next rally, potentially propelling Bitcoin to new all-time highs.
On the technical side, Bitcoin is currently trading at $93,800 after enduring selling pressure and market uncertainty. The loss of both the 4-hour 200 moving average (MA) and exponential moving average (EMA) signals a short-term bearish outlook and suggests that Bitcoin may need additional demand to regain upward traction. Recovering critical levels such as the 4-hour 200 MA at $96,500 and the 4-hour 200 EMA at $98,500 is essential for bulls to reclaim control and ignite a fresh rally into price discovery.
If Bitcoin successfully pushes above these thresholds and secures a decisive close beyond them, it could confirm renewed bullish momentum and set the stage for a massive rally towards psychological barriers like $100,000 and new all-time highs. However, failing to reclaim these indicators might lead to extended consolidation or a potential retest of lower support levels. The coming days will be crucial in determining Bitcoin’s trajectory as it navigates this pivotal moment in the market.
