Bitcoin, the world’s leading cryptocurrency, is currently trading below the $100,000 mark, with no clear trend in sight. After a period of intense volatility, bulls lost control last weekend, failing to sustain momentum for a breakout above all-time highs. However, bears also lack the strength to push the price significantly lower, leaving Bitcoin in a state of consolidation.
As the market struggles for direction, key on-chain data reveals an important trend among Bitcoin holders. Analyst Axel Adler shared insights highlighting that since Bitcoin reached $28,000, address activity has dropped into negative territory. This indicates that the majority of BTC holders are in HODL mode, reducing sell-side pressure and limiting major downside risk.
The market now awaits confirmation of the next move, whether that’s a strong push back above $100,000 or a deeper correction into key demand levels. While price action remains indecisive, historical trends suggest that prolonged periods of consolidation often precede major breakouts. If Bitcoin manages to reclaim critical resistance, it could set the stage for a continuation of the bull cycle.
Bitcoin has been consolidating below its all-time high since late December, with only a brief breakout attempt in mid-January that failed to trigger price discovery. Despite high expectations for Bitcoin returns at the beginning of the year, the market has been trapped in a range, leaving both investors and analysts frustrated.
Top analyst Axel Adler shared key insights, highlighting a critical trend that could shape Bitcoin’s price trajectory. Adler points out that since Bitcoin reached $28,000, address activity has dropped into negative territory, indicating that most Bitcoin holders have transitioned into HODL mode, significantly reducing the available supply.
Bitcoin is currently trading at $97,700 after a failed breakdown below the $96,000 mark, showing resilience but struggling to push past the $100,000 level. The market remains in a phase of indecision, with both bulls and bears unable to take full control. Any significant price move from here could define the next trend, whether bullish or bearish.
If bulls want to reclaim momentum, Bitcoin must break above the $100,000 resistance level and hold it as support. A decisive move above this mark, backed by strong buying pressure, could fuel a rally toward all-time highs and set the stage for price discovery. However, the longer Bitcoin fails to reclaim $100,000, the greater the risk of another pullback.
On the downside, if Bitcoin loses the $96,000 level again, a deeper correction could follow. The next major demand zone sits around $90,000, where strong buying interest could emerge. This level has acted as a key psychological and technical support zone in recent weeks.
For now, Bitcoin’s price remains range-bound, and traders are closely watching for a breakout in either direction. Until Bitcoin makes a clear move, volatility and uncertainty will continue to dominate the market. The market is eagerly awaiting to see whether Bitcoin will break out of its current range and enter price discovery or if it will continue to consolidate in the coming days.