Bitcoin's Price Dance: Bulls Struggle, Options Expiry Looms

Bitcoin's price has been oscillating within a narrow range, with bulls struggling to push it above crucial resistance levels. Despite this, several indicators suggest a bullish outlook for Bitcoin, potentially delaying the onset of an Altseason.

Since Donald Trump's presidency, expectations for the crypto market's future have grown. However, Bitcoin's sluggish trend, failing to reclaim levels above $100,000, has raised concerns about its next price action. Today, over 26,000 BTC options worth over $2.54 billion are set to expire, with a maxpain point around $100,000. This could lead to increased volatility in the coming hours.

ETF volume has decreased, while outflows have exceeded inflows. Amid Bitcoin's uncertainty, the massive outflow from centralized exchanges signals bullish sentiment. According to Glassnode, over 170,000 BTC were withdrawn from centralized exchanges during the previous day's trade, marking one of the largest outflows since April 2024.

After the recent pullback, Bitcoin's price is struggling to rise above the crucial resistance zone between $98,612 and $99,500. This consolidation is expected to continue as bulls display weakness. The drop in the CMF suggests growing bearish strength, but the RSI's bullish divergence hints at a potential rebound.

Bitcoin remains within a bullish range, provided the support at $95,000 holds. If not, a pullback could lower the ranges close to $92,000, with a reversal expected at $91,500. A pullback below $90,000 is less viable unless bears intensify their action.