Bitcoin’s price is stagnating below $100,000, facing challenges despite positive remarks from David Sacks, Trump’s crypto advisor. The DMI indicates rising bearish pressure, while whale accumulation remains below recent highs. Current resistance at $99,500 and support at $97,700 could dictate BTC’s next significant price movement and potential recovery path.

Bitcoin (BTC) finds itself in a stagnant price range, struggling to exceed its previous resistance levels despite optimistic commentary from prominent figures. David Sacks, a key crypto adviser to former President Trump, recently described Bitcoin as an “excellent store of value,” yet this endorsement has failed to stimulate significant price movement. The market now trends toward bearish sentiment, indicating sellers are regaining influence over price direction.

The Directional Movement Index (DMI) illustrates a concerning shift, with the Average Directional Index (ADX) dropping from 35.8 to 25.8 in just three days. This decline signifies a weakening trend, reducing the likelihood of a breakout from the current downtrend. If the ADX slips below 25, BTC may enter a consolidation phase, stalling market direction until a potent resurgence occurs.

Recent data indicates that BTC whale accounts have risen slightly, with 2,041 wallets holding over 1,000 BTC as of now. Although this suggests some recovery from a recent low, the whale count remains significantly below prior levels, indicating that major investors are still cautious. Stabilization might occur if whale accumulation resumes, but current trends show hesitance among large holders.

Price forecasts remain complex, with BTC trading between $97,700 in support and $99,500 in resistance. The exponential moving average structure suggests continued downside pressure, despite positive remarks from influential figures. A drop below the support level could lead BTC to a key threshold around $95,783, with further declines possible should negative momentum build.

Conversely, attempts to breach the $99,500 resistance have not succeeded thus far. Securing this breakout could allow BTC to test $101,300, which, if surpassed with strong buying activity, might propel the price toward $106,300. Potentially, this could pave the way for an all-time high of approximately $110,000 later this month.

Bitcoin continues to experience significant market fluctuations, with its price movements increasingly influenced by both economic factors and public discourse surrounding cryptocurrency. Commentary from influencers and experts plays a vital role in shaping market perceptions, while investor behavior—especially from large holders (whales)—affects price stability and potential upward trends. The analysis of directional momentum, particularly through indicators like the DMI and ADX, provides crucial insights into market health and future price action.

In summary, Bitcoin’s price remains restrained below critical resistance levels, reflecting a trend toward bearish influences despite encouraging endorsements from key figures like David Sacks. The DMI signals that seller control is increasing, while whale activity suggests caution among major investors. Future price developments will depend heavily upon overcoming the established resistance or succumbing to growing bearish pressure, with critical levels to watch at $97,700 and $99,500.

Original Source: beincrypto.com

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