Bitcoin's price continues to struggle in a tight range, failing to gain momentum even as it approaches the $100,000 level. Despite recent endorsements, such as by Trump's Crypto Czar David Sacks who called Bitcoin an “excellent store of value,” the price remains unaffected by these accolades.
Sellers appear in control as Bitcoin's DMI reflects rising bearish pressures and weak whale accumulation. Currently trading between $97,700 and $99,500, the market anticipates a breakout to determine the next price direction, be it a retreat to lower levels or a renewed attempt at $100,000.
The DMI analysis shows a weakening trend, with the ADX dropping from 35.8 to 25.8, signaling deteriorating momentum. Further declines in ADX may trigger a consolidation phase for Bitcoin, characterized by stable but non-directional price fluctuations, unless momentum resurges.
Despite rising numbers of whales, wallets with at least 1,000 BTC are still far from recent highs, indicating a lull in institutional accumulation. This reinforces current bearish sentiments surrounding Bitcoin's market behavior and reflects larger holders' hesitance to increase their investments at current price levels.
Market analysis suggests significant resistance at $99,500 and support at $97,700, with an ongoing bearish setup in short-term EMAs stacked below long-term EMAs. If support at $97,700 is breached, further declines could follow, possibly down to $91,266, the lowest since mid-January.
