Bitcoin is demonstrating remarkable resilience as it firmly defends the crucial mid-range support level at $96,000, hinting that it could be gearing up for a leap to $105,000 in the near future.

Despite facing increased selling pressure in the past few days, Bitcoin's price appears to be holding steady beneath the significant psychological threshold of $100,000. The current trading range, which lies between $92,100 and $99,500, has seen several tests of the mid-range support without breaking below.

Bullish Sentiment Persists

Over the last three days, Bitcoin has successfully maintained above the support level of $95,800, closing every 12-hour session above it. This sustained defense has raised optimism among traders, with the Accumulation/Distribution (A/D) indicator indicating stronger buying momentum this week. This suggests that buyers are keen to accumulate Bitcoin at current levels, although there is a possibility of short-term fluctuations pulling prices down to $94,500.

Additionally, the Moving Average Convergence Divergence (MACD) indicator is signaling some bearish sentiment on a 12-hour basis, indicating that while bullish momentum exists, it may be starting to fade. Meanwhile, trading volumes have gradually decreased during Bitcoin's three-week consolidation, which could signify a potential shift in market dynamics.

Market Sentiment and Trends

The declining Open Interest (OI) reflects a cautious market sentiment, suggesting that many traders are hesitant as they await a definitive direction from Bitcoin's price action. Typically, a decrease in OI accompanies periods of consolidation, as speculators choose to wait for clearer market signals before committing further capital.

Although recent trends show a slight downtrend in spot Cumulative Volume Delta (CVD), the defense of the mid-range support indicates that buyers' resolve might be stronger than the current selling pressures.

Looking Ahead: $105,000 in Sight?

Interestingly, while a dip to $94,500 could occur due to market liquidity hunts, analysts suggest that the likelihood of a price breakout towards $105,000 is significantly higher. This prediction is bolstered by the established liquidity cluster at the $105,000 mark, with many traders anticipating a potential visit to this level following Bitcoin's current consolidation around $100,000.

As the cryptocurrency market continues to evolve, all eyes are on Bitcoin to see if it can not only hold above these critical support levels but also embark on a remarkable journey towards new price milestones. With increasing institutional interest and the gradual maturing of the market, many believe that the path toward $105,000 may be more attainable than it seems. Keep your eyes peeled—Bitcoin's next move could be monumental!