$BTC Earlier this week, Bitcoin surpassed the $100,000 mark but has since retracted due to stronger-than-expected economic data, which elevated Treasury yields and raised concerns about potential delays in Federal Reserve interest rate cuts.

Analysts have identified key support levels at $92,000, $87,000, and $74,000, suggesting that long-term investors might consider accumulating at these points. Resistance levels are noted at the psychological $100,000 mark and around $106,000, where traders may opt to take profits.

Technical indicators, such as a recent bearish engulfing pattern and a decline below the 50-day moving average, indicate a weakening momentum in Bitcoin's recent rally. Additionally, the Relative Strength Index (RSI) has dropped below a key threshold, further signaling potential bearish sentiment.

Given these factors, Bitcoin may experience continued consolidation in the near term, with potential fluctuations between the identified support and resistance levels. Investors should closely monitor economic indicators and regulatory developments, as these will significantly influence Bitcoin's price trajectory.