Bitcoin’s $98K Target in Sight as Trading Range Consolidation Continues

Bitcoin builds momentum toward six-figure territory as established trading patterns hold firm.

The Consolidation Game

BTC continues dancing within its well-defined range—traders watching every bounce off support like hawks. The $98,000 psychological barrier looms large, tempting bulls with promises of new highs.

Range-bound action creates both frustration and opportunity. Breakout scenarios multiply as volume patterns shift—institutional money positioning for the next major move while retail traders chase smaller swings.

Market mechanics suggest this consolidation phase serves as necessary fuel for the next leg up. Technical indicators align with bullish sentiment, though skeptics remain—because what's finance without a healthy dose of cynical doubt about predictable patterns?

All eyes on that $98K target as Bitcoin proves once again that patience pays better than panic in crypto markets.

BTC price key technical points

• Major Range: Bitcoin continues to trade within a wide range between $98,000 support and $127,400 resistance.
• Recent Rejection: Price was rejected from the range high, leading to a retest of the value area low.
• Market Outlook: Consolidation remains the dominant structure until a decisive breakout occurs.

Bitcoin’s current price structure highlights a prolonged phase of sideways movement following a rejection at the $127,400 range high, where heavy supply and profit-taking activity emerged. The rejection triggered a pullback first toward the range midpoint and now toward the value area low, where the price is attempting to stabilize NEAR $98,000.

If this level holds, it WOULD maintain the established trading range and likely prompt a rebound toward the $127,000 resistance once momentum returns. However, failure to defend this zone could extend the corrective move further, exposing deeper support levels. For now, the price action indicates stability within the broader consolidation environment.

Interestingly, this technical outlook aligns with recent comments from Galaxy CEO Mike Novogratz, who expects bitcoin to remain range-bound between $120,000 and $125,000 toward the end of the year. His projection coincides with the current structural range and reinforces the likelihood of BTC continuing to oscillate within these levels as the market matures toward year-end.

Such consolidation periods are typically viewed as healthy within broader bullish cycles, allowing liquidity and open interest to reset before the next major trend expansion.

What to expect in the coming price action

If Bitcoin successfully holds above the $98,000 range low, it will likely continue trading within its established range, with potential rotations toward the upper boundary near $127,000. A clean breakout above $127,000 would mark the start of a new bullish expansion phase, while a breakdown below $98,000 could signal deeper retracements toward untested support levels.