Bitcoin’s (BTC) recent price action has been marked by a struggle to sustain the bullish momentum needed to reach higher heights.
Despite traders wanting a sharp rise to $110,000, the market appears hesitant, suggesting a significant increase could still be some time away.
Bitcoin traders are bullish
Traders remain optimistic about Bitcoin hitting $110,000, with data from Santiment highlighting an increase in social dominance around this target. However, historical trends suggest that BTC typically rises after mentions of these price milestones begin to fade. This pattern indicates that while a rally is possible, it could take several days to materialize.
High social dominance reflects market expectation for another rally, but excessive hype often precedes a period of stagnation. For Bitcoin to maintain upward momentum, market sentiment needs to stabilize, allowing organic growth rather than speculative pressure to drive the price higher.
Bitcoin Social Dominance at $110,000. Source: Santiment
Bitcoin’s macro momentum is showing signs of wavering. Exchange balances reveal that accumulation has slowed over the past nine days, with investors showing skepticism about the near-term outlook. This pause in accumulation suggests uncertainty, with many participants waiting for clearer signals from the market.
If BTC’s price starts to rise, it could reignite interest among investors on the sidelines, potentially resuming the accumulation trend. For now, the lack of significant buying activity is contributing to the consolidation phase, preventing the asset from breaking out of its current range.
Bitcoin Balance on Exchanges. Source: Glassnode
Price prediction
Bitcoin is currently 13.5% away from the $110K milestone, a level that is above its all-time high (ATH) of $108,384. While traders are optimistic, broader market signals remain mixed, creating uncertainty over whether BTC can sustain the momentum needed for a significant rally.
A rally could become likely if Bitcoin manages to flip $105,000 into a solid support level. To do so, BTC must break out of its current consolidation phase and break above $100,000, a key psychological resistance point. Such a move would likely attract renewed buying interest.
Bitcoin Price Analysis. Source: TradingView
On the other hand, if investors get impatient and opt to take profits, Bitcoin could lose its support level of $95,668. A drop below this threshold could push BTC to $89,800, invalidating the bullish thesis and leaving the cryptocurrency vulnerable to further declines.
The article Bitcoin (BTC) Price Prediction: What to Expect Today? was first seen on BeInCrypto.
