Bitcoin Consolidates Between $98K and $124K — Range-Bound

Bitcoin price action continues to display signs of prolonged consolidation, with a well-defined trading range now forming between $98,000 support and $124,000 resistance. This structure highlights a period of equilibrium in the market as participants await a decisive breakout.

The lower boundary of this range, near $98,000, has not been tested since June 2022, making it a critical support region to monitor. A successful retest and hold of this level would confirm continued stability within the current consolidation pattern, suggesting that Bitcoin remains in a rotational cycle between these established boundaries.

Key Points:

- Range Support: Established at $98,000, last tested in June 2022.
- Range Resistance: Defined at $124,000, capping upside momentum.
- Market Structure: Price remains range-bound, indicating continued accumulation or distribution.

From a technical standpoint, this extended sideways movement represents the market’s process of absorbing liquidity before its next major expansion phase. Until a breakout occurs, traders can expect repetitive oscillations within this broad channel.

What to Expect:

As long as $98,000 holds as support, Bitcoin may continue to rotate higher toward $124,000. A breakdown below this level, however, could invalidate the range and trigger deeper corrective movement.