• Bitcoin was trading at around $96,000 at press time.
• Indicators are making a strong case for it rising to $100K.

Bitcoin’s [BTC] recent price movement has sparked widespread interest as the cryptocurrency consolidates within a tight range below the $100,000 mark.

Analysts suggest this period of range-bound trading is a necessary pause following a significant rally, allowing the market to stabilize before the next breakout.

Consolidation or preparation?

Bitcoin’s price action on the daily chart revealed a consolidation phase between $95,000 and $98,000, with reduced volatility signaling indecision in the market.

Technical indicators, however, reflected an overall bullish structure.

The moving averages remained firmly in a golden cross pattern, with the 50-day moving average holding above the 200-day moving average, underscoring the ongoing bullish momentum.