Bitcoin's Price Dance: Bulls vs. Bears in Tight Range

Bitcoin's price has been oscillating within a tight range, with investors eagerly awaiting a significant breakout. At present, the cryptocurrency is trading below the $98,000 mark, having shed more than seven percent of its value over the past week. Despite the recent decline, analysts remain optimistic about Bitcoin's long-term prospects.

Key resistance and support levels are crucial indicators for traders. Currently, Bitcoin is moving from a support level near the lower boundary of the sideways range towards resistance. The immediate resistance area lies between $97,521 and $98,430. A breakthrough in this range could signal a potential upward shift, while a failure to break above it may suggest further downside in the short term.

The short-term trend leans slightly bearish, as Bitcoin navigates through a corrective wave. If the price fails to maintain support at $93,633, there could be more downside, possibly targeting the mid-to-low $80k range. However, a strong breakout above resistance could signal the start of a more significant upward movement.

While the current focus is on short-term price action, it's important to remember that the larger pattern remains bullish. The ongoing corrective structure could be part of a more extensive upward movement that could eventually take Bitcoin back to higher price levels. Popular analyst Capo advised, "Don't get scared if we see another 5%-10% drop to form a higher low. Just hold/buy the dip. This really looks like a local bottom formation." However, he later made another prediction and said, "Maybe $88k-90k for BTC."