Bitcoin Trades Sideways: Traders Await a Breakout

FxNews—Bitcoin started trading in a narrow range after the prices hit the 100,000 psychological level. As of this writing, the cryptocurrency in discussion trades at approximately $95,700, slightly above the 100-period simple moving average.

Bitcoin trades sideways, correcting recent gains.
Bitcoin trades sideways, correcting recent gains.

Traders Await a Breakout

The immediate resistance is at $97,170. From a technical perspective, the uptrend could resume if bulls close BTC above this level. In this scenario, the next bullish target could be retesting the 100K barrier.

On the other hand, if Bitcoin falls below the immediate support at $94,000, the consolidation phase could extend to $90,800.

Traders and investors should monitor these levels meticulously to plan their strategies accordingly.

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