Bitcoin Technical Analysis: Sideways Movement Signals Strength

Bitcoin traded in a narrow range during early Wednesday, hovering near its all-time highs. While some may see the consolidation as indecision, it’s a positive sign. The market appears to be accepting this elevated price level, suggesting that recent gains are being digested in a healthy, bullish manner.

In the short term, Bitcoin may continue to trade sideways. However, even a modest pullback from current levels is unlikely to change the overall bullish trend. Key support levels to watch include $108,000, followed by $105,000, and then the major psychological threshold at $100,000.

The $100,000 mark is particularly noteworthy—not just for its round-number significance, but also because the 50-day Exponential Moving Average (EMA) currently aligns with it. This convergence of technical and psychological support reinforces its importance.

Overall, the current price action suggests the market is cooling off some of the recent momentum, possibly in anticipation of the next bullish catalyst. While it’s unclear what that trigger might be, any significant development could push Bitcoin toward the $120,000 target.

Importantly, there’s little incentive to consider short positions at this stage. The bullish trend remains intact, and only a decisive break below $100,000 would begin to challenge that outlook. Until then, the broader trajectory continues to favor the upside.

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