- Bitcoin struggles to break $108K resistance, keeping price action in a tight, indecisive range.
- The weekly candle shows a flat structure with wide wicks, signaling market hesitation and consolidation.
- Traders remain cautious, shifting capital into stablecoins amid conflicting headlines and weak momentum.
- The market awaits a clear breakout or breakdown, with a decisive move above $108K being key for bullish confirmation.
Bitcoin’s latest weekly performance has left traders on edge, as conflicting price movements and mixed macro headlines continue to send uncertain signals across the crypto market. Despite reclaiming the crucial $100,000 support after last week’s failed breakdown, Bitcoin’s price action remains largely neutral, with neither bulls nor bears gaining decisive control.
According to renowned trader and analyst Daan Crypto Trades, the current weekly candle structure underscores growing hesitation among market participants. Describing the candle as “flat with wide wicks,” Daan explains that such a formation usually occurs when both upward and downward price pushes are met with strong opposition, resulting in net-zero movement despite volatile intra-week swings. This kind of candle is a classic sign of market consolidation, where traders are unsure of the next directional move.
“This week we saw the opposite of last week’s bounce,” Daan commented in a market update. “We had good headlines early in the week that pushed prices higher, but those gains were wiped out when less favorable news emerged.” The volatility in sentiment, as reflected in the headlines and overall market reaction, has made trading conditions more unpredictable and directionless.
At the center of the current indecision is Bitcoin’s inability to sustain levels above the $108,000 resistance zone, which Daan identifies as the key threshold for bullish confirmation. A convincing breakout and weekly close above this level would likely validate a continuation of the uptrend. However, as long as Bitcoin fails to close above $108K on the weekly chart, the broader market remains vulnerable to range-bound trading or even a potential downside retest.
At the time of writing, Bitcoin is trading at $105,551 with a 24-hour trading volume of $22.84B and a market cap of $2.10T. The BTC price increased 0.24% in the last 24 hours.
Bitcoin Market Limbo Continues with Low Volatility
Despite the lack of momentum, Daan maintains a cautiously optimistic stance, noting that while he has significantly reduced his spot exposure to Bitcoin, he hasn’t exited the market entirely. Instead, he has shifted more capital into stablecoins, adopting a defensive posture while awaiting a clear breakout or breakdown.
The broader picture suggests that Bitcoin’s price remains at a critical juncture. With no clear direction, traders are adopting a “wait-and-see” strategy, watching for stronger signals either from technical patterns or macroeconomic catalysts.
Until Bitcoin delivers a decisive move above $108K or below recent lows, analysts expect continued choppy price action and low-conviction trading. For now, the market remains stuck in a holding pattern, with both bulls and bears hesitant to commit fully.
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