The price of the leading crypto asset, Bitcoin ($BTC), is struggling below the $100K mark. Particularly, this downturn, despite the recent interest rate cuts by the U.S. Fed, indicates unusual behavior in the market. As per the data from IT Tech, a renowned crypto analyst, Bitcoin (BTC) is facing noteworthy selling pressure coming from the long-term holders. The respective trend rarely occurs during this phase of a crypto market cycle.
Bitcoin (BTC) Faces Consistent Consolidation Below $100K as Bearish Pressure Rises
As the market data reveals, irrespective of the monetary easing after the Fed’s recent rate cuts, Bitcoin is still below $100K. This scenario reportedly highlights several crucial questions regarding the possible reasons at the back. Particularly, the top cryptocurrency is going through a huge selling pressure posed by the long-term holders. This development is not usually seen during this part of a market cycle. Thus, the market appears to be stuck in a digestion phase instead of acceleration.
Over the past week, Bitcoin ($BTC) has been going through a wider bearish regime. Despite closing its week at approximately $90,130, indicating 1.1% week-over-week rise, it has failed to return to the mid-$90K zone. Additionally, the last 3 candles display tight consolidation after a sheer dip from above the $120K mark, presenting reluctance instead of a transparent reversal. Moreover, the noteworthy technical levels are still unchanged, with the $80K-$85K range serving as a crucial support while $95K-$100K range poses critical resistance.
Leading Cryptocurrency Requires Returning to $95K-$100K to Ignite Bull Rally
According to IT Tech, the current price outlook of Bitcoin ($BTC) says that it is still going through distribution or initial bear market signs. Furthermore, the weekly heatmap suggests sideways price movement, highly limited sector rotation instead of wider participation, and mixed breadth. However, the leading altcoins like Solana ($SOL), $BNB, and Ethereum ($ETH) have seen modest gains, becoming capital parking assets instead of trend leaders. Keeping this in view, until $BTC can resurge to $95K-$100K range and holds above it while altcoins start witnessing higher lows, there is an increased possibility for market conditions to stay choppy.
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