Bitcoin is holding steady above the $103,000 mark after days of sustained bullish pressure and repeated attempts to break through the $105,000 resistance level. The price is now consolidating in a tight range, building pressure that many analysts believe will result in a decisive move soon. Market sentiment remains cautiously optimistic as bulls continue defending key support levels, while bears look for signs of exhaustion.
Top analyst Big Cheds shared a technical analysis noting that the 4-hour chart is “close to resolving the current channel,” signaling that volatility is likely to return. Bitcoin’s recent price action suggests that the market is at a turning point. If bulls manage to push BTC above the $105K barrier, it could ignite a rally toward new all-time highs. On the other hand, a breakdown below $103K would increase the risk of a retest of the $100K zone. Traders are closely watching this setup as momentum builds for Bitcoin’s next major move.
Bitcoin Prepares For A Major Move As Price Tightens
Bitcoin is currently trading in a narrow range, showing signs of indecision as it hovers between $100,000 and $105,000. Bulls have struggled to reclaim the $105K resistance level, while bears have failed to break the $100K support zone. This tight consolidation follows an impressive +40% rally from the April 9th low, signaling that the market is cooling off before its next major move.
Despite the pause, bulls remain in control. The price structure still favors the upside, and many investors are anticipating a continuation of the rally once BTC finds a solid support base. However, with price stalling below all-time highs and no clear momentum in either direction, some traders are cautious, expecting a possible correction before a renewed push higher.
Cheds’ technical analysis highlights a critical moment for Bitcoin. He pointed out the tight clustering of key moving averages, often a prelude to major price movement. With all key short- and medium-term MAs now bunched together, a breakout in either direction appears imminent. This kind of setup reflects market indecision and typically resolves with high volatility. While the direction remains uncertain, the setup suggests that the next few candles could define Bitcoin’s short-term trajectory.
Whether Bitcoin breaks higher into price discovery or dips to retest lower levels will depend on how this range resolves. Traders are watching closely, as the breakout direction could determine Bitcoin’s trajectory for the next several weeks. Until then, patience and risk management remain key as the market sits at the edge of a potentially explosive move.
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