Bitcoin's price is currently experiencing a period of consolidation, as it remains trapped between key support and resistance levels. Market participants are closely monitoring these critical zones to gauge the cryptocurrency's next move, and the source reports that this could lead to significant volatility in the near future.
Current Bitcoin Trading Status
As reported by CyrilXBT, Bitcoin is trading around the 90,300 mark after encountering resistance in the 96,000-100,000 supply zone. This price action has been characterized by volatility, with buyers actively defending the lower end to prevent a significant downturn.
Future Price Predictions
For Bitcoin to regain bullish momentum, it must decisively reclaim the 96,000-100,000 zone. Conversely, if the price falls below the 88,000 support level, it could trigger a more substantial pullback, raising concerns among investors about the future trajectory of the leading cryptocurrency.
In contrast to Bitcoin's current consolidation phase, Dogecoin recently entered a stabilization period after an initial selloff. For more details, see the full article here.
