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Finally, the Fear and Greed index for Bitcoin reached a neutral point, effectively resetting. The change in the index's behavior might improve the short-term outlook for the digital and open up a way to $100,000. The sentiment on the market is getting better, but if it falls further, it might not benefit the bullish momentum.
The stabilization close to neutral indicates that traders are hesitating and cautious about what will happen with Bitcoin next. Given that Bitcoin is still trading in a sideways consolidation range between $92,500 and $107,000, this lack of strong sentiment in either direction is consistent with recent price action. For weeks, Bitcoin has been stuck in a horizontal range without showing any discernible trend.
Around $92,500, the lower support level and the upper boundary, which is close to $107,000, has served as resistance. The asset's midterm trajectory will be largely determined by a breakout in either direction. A rally toward the much-anticipated $100,000 milestone becomes feasible if Bitcoin can break above $107,000. In spite of this ambivalence, Bitcoin's future prospects are still bright. Significant breakouts frequently follow protracted consolidation phases, according to historical patterns.
Arman ShirinyanA rebound in buying pressure driven by institutional interest or macroeconomic variables may push Bitcoin above its prior highs. Any bullish momentum could be delayed, though, if Bitcoin fails to hold important support levels and retests $90,000 or lower. The market may be cautious according to the Fear and Greed Index reset, but Bitcoin's technical setup is still sound.
Whether Bitcoin is prepared to push toward $100,000 or if more consolidation is required before the next significant move will be shown by a breakout from its current sideways channel. Key levels remain at around $100,000 and might be broken in a rapid fashion, so it is important to manage your local stop-losses.
Dan Burgin
Vladislav Sopov