Bitcoin maintains its holding pattern in market prices as traders remain unwilling to invest strongly in this global cryptoasset. BTC’s recent recovery from Monday’s dip did not hold past $100,000 because traders showed lower interest while keeping a watchful eye on market trends.
In the recent trading day BTC maintained its value at $98,928 indicating a small 0.02% upward trend. Bitcoin declined over three days after achieving $102,559 on Monday.
The digital currency has not yet sustained daily moves above its 50-day Simple Moving Average of $98,726 because it keeps falling short of reaching $99,000 resistance during recent trading periods.
Bitcoin’s Market Dominance Surges After FTX Collapse
According to Bitcoin data analysts known as Negentropic on Twitter, BTC spent two weeks between trading bands at $97,000 and $98,500 before entering a balancing phase. STREAM continues to detect better cash flow despite market volatility because BTC stays locked between $97,000 and $98,500.
Brown informed his audience that BTC readies for another push towards $100,000 as a possible bull market start. Based on their analysis BTC will experience a price rise if its basic economic fundamentals stay strong.
The recent Glassnode report proves that Bitcoin operates worldwide as a liquid asset available for trading at any time. Investors can do trade, take market positions and monitor economic movements throughout the day thanks to BTC access.
Bitcoin increases its influence because it receives large investment inflows over $850 billion and supports daily transactions worth $9 billion. After the downfall of FTX BTC gained more market control rising its share from 38% to 59%. Investors now prefer to put their money in BTC instead of other digital currencies.
The trading community waits for clear directional movement because BTC continues to stay close within its present range. We need to watch how Bitcoin responds to support to tell if it will hit $100,000 in price or run into further challenges.
