Bitcoin (BTC) is Trading Sideways as $94,000 Breakout or $85,000 Support Test Looms

Bitcoin (BTC) is fluctuating sideways, having no clear direction, as the overall crypto markets wait for stronger price confirmation before making a move.

Analysts say that Bitcoin’s next move is crucial, either pushing it towards an uptrend or a pullback towards its nearest levels of support, even though its uptrend is being supported by public company accumulation.

At the time of writing, Bitcoin (BTC) is trading at $88,694, down 0.94% over the last 24 hours, according to CoinMarketCap data. Daily trading volume stood at $20.42 billion, while Bitcoin’s market capitalization remained elevated at approximately $1.78 trillion, reflecting sustained investor participation despite muted price action.

Source: CoinMarketCap

Bitcoin Faces Crucial Short-Term Move

Analysts are looking forward to Bitcoin’s next move amid the recent price action’s hesitance. Crypto analyst, CRYPTOWZRD, highlighted that the recent daily candle did not close within a bullish or bearish structure, reflecting a sense of uncertainty before any confirmation is received. Stronger daily candles are required to create a stronger short-term trend.

Source: X

According to CRYPTOWZRD, the future course of BTC might depend on its next move, as a higher increase in buying pressure might cause BTC to test the $94,000 price zone, which has been a barrier to its price increase previously.

If the weakness persists, it can result in the price falling back to support at $85,000. The analyst appears to be using lower timeframe charts to identify opportunities, particularly before making the change on the weekly charts, as it can create more volatility.

BTC Faces Intraday Key Support

From an intraday perspective, BTC has been trading within a range-bound pattern with choppy movements. $90,400 has been marked by CRYPTOWZRD as a key support.

Trading past this support may result in a strong move for BTC. However, if BTC fails to move past $90,400, then BTC may continue trading within a consolidatory pattern.

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Corporate Bitcoin Buying Signals Market Impact

In addition to this, the interest of publicly listed firms in Bitcoin also persists, and a crypto analyst, Crypto Patel, mentioned the fact that the buying of Bitcoin by the top 100 public firms has increased, with these firms owning a total of 1.12 million BTC.

Source: X

Noteworthy is the fact that Strategy holds close to 63% of the overall BTC held by corporations. Therefore, Strategy is the largest public BTC holder by far. The more corporations add BTC to their books, the more the performance of the corporations is linked to the price action of BTC.

As the price trades around key technical levels and corporate accumulation is still rising, the next few days might play a significant part in deciding the future course of BTC’s price trend over the short term. Now, investors are looking to see how the price performs on a weekly close, as it might signal a new trend for the market.

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