Last week, the price of Bitcoin fell from its historical high of $108,314.7, and market sentiment quickly turned cautious. This week, a typical range consolidation pattern has emerged, with overall volatility converging.
At this moment, the resistance level is around $99,000, where strong selling pressure is evident, and bulls have made multiple attempts to break through without success. The support level is at $92,600, where bulls have shown strong resilience, indicating limited downside potential in the short term.
If the price successfully breaks through the resistance level and stabilizes, market confidence will be boosted, potentially triggering a strong upward surge. Conversely, if it falls below the support level, bearish forces will further exert pressure, driving the price down to lower ranges.
The current market is in a delicate phase of wait-and-see and tug-of-war, and investors need to closely monitor the direction of the breakout.