Bitcoin's price has been hovering between $101,500 and $105,000 for about a week, with the latter acting as a significant resistance level. Traders are showing a slight bearish sentiment, although historical patterns suggest a potential for a sudden bullish move. On-chain data indicates Bitcoin is held back by large-volume trading entities, which have created liquidity above the current price range. As a result, it is believed that unless a significant catalyst emerges, a sustainable breakout past $105,000 is unlikely until Bitcoin tests the $100,000 support level. Traders are advised to be cautious of short squeezes and bull traps in the interim. Analysts maintain that key levels to monitor include $98,000 to $100,000 on the downside and local highs above $106,000 on the upside. The consensus among market participants is that retaining the price above these critical levels is essential for upward momentum, particularly after the recent price movement began at $93,000. The overall tension amid current price ranges reflects the cautious sentiment prevalent among traders, with the upcoming market behavior anticipated as a reaction to these dynamics.

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