Bitcoin's price remains uncertain, hovering below the critical resistance level of $108,000. Analyst Daan highlights the influence of news on price fluctuations.
Current Market Situation
At present, Bitcoin is showing sideways movement with long wicks, reflecting both bullish and bearish attempts that ultimately cancel each other out. Daan noted, "This week we saw the opposite of last week's bounce paired with some good headlines initially, followed by bad ones."
Outlook and Recommendations
A convincing break and weekly close above $108,000 is needed to validate further upside. Until then, Daan remains cautious, favoring stablecoins with a reduced spot position while maintaining some BTC exposure. The current weekly candle reflects hesitation at a critical level, and without a decisive move soon, the market may remain choppy and range-bound.
Key Takeaways
Bitcoin needs a confirmed close above $108,000 to break out. The current structure suggests indecision, with traders reacting to both bullish and bearish catalysts. A flat week with long wicks is a classic sign of consolidation. Until momentum builds in either direction, Bitcoin traders appear stuck in 'wait-and-see' mode.
Bitcoin continues to show uncertainty in the market below the $108,000 level, and analysts are advising caution while waiting for clearer signals for future actions.
