Summary
- Bitcoin price is range-bound at $100Kโ$108K following a pullback to $100K.
- Increased miner selling may cap Bitcoinโs near-term recovery.
- Upside potential exists if BTC breaks above $108K and ETF inflows return.
- Downside risks include further miner liquidations and slow trading volumes.
- The Bitcoin outlook remains neutral-to-bearish, as macro support is offset by distribution pressures.
After slipping to just above the $100,000 mark, Bitcoin price is drifting between $100K and $108K, down 3.6% in the past 24 hours.
The big question for traders: will persistent miner selling put a ceiling on the next move higher?
Current market scenario
On-chain metrics following the post-halving event indicate a sharp rise in miner selling, as coins move to exchanges for profit-taking in a higher-cost environment. Such distribution waves have historically applied short-term pressure on Bitcoin (BTC), capping immediate gains. ETF inflows have cooled after Septemberโs record highs, lowering spot demand.ย
From a macro perspective, rate cuts boost liquidity, but investor caution persists ahead of Q4 CPI data.ย
Technically, Bitcoin price remains above the 100-day SMA, with support at $103Kโ$104K and resistance near $108K.
Upside outlook
From a Bitcoin forecast perspective, sustained price action above $108K could attract renewed buying and push the market toward $110K. If miner selling stabilizes and ETF inflows resume, Bitcoin could retest its post-halving highs.ย
Additionally, the ongoing macro easing cycle โ paired with Bitcoinโs rising correlation with gold โ continues to reinforce its โdigital store-of-valueโ narrative. Should this theme strengthen, it could help re-ignite institutional interest and push the market higher.
Downside risks
Downside risks are rising. If miner selling ramps up, Bitcoin price could slip below $103Kโ$104K and even test the $100K mark.ย
Sluggish ETF inflows and low trading volumes suggest the market might be in a profit-taking phase.ย
Add in higher bond yields or tighter monetary policy, and we could see a risk-off mood that drags prices sideways or even down before any real recovery.
Bitcoin price prediction based on current levels
The near-term bitcoin price prediction centers on a $100Kโ$108K trading range:
- A break past $108K could kickstart a rally toward $110K, bringing some renewed excitement into the market.
- But if Bitcoin stumbles around $108K, the climb to $110K could stall, and we might see some sideways movement or a small dip.
Overall, the Bitcoin outlook is still neutral-to-bearish. While macro conditions provide some support, high miner selling and weak ETF demand are likely capping near-term gains.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
