If you ask anyone in the crypto community about Bitcoin, they'll give you a unique opinion. Here's mine. I think Bitcoin is kind of stuck in a loop.
If you observe the charts of Bitcoin for about a month now, every time it seems ready to break out, resistance pulls it back down. At this moment the signs are a little mixed up.
Some of the usual technical indicators look good, but the price action is still hesitant. Recently we had the Fed’s shift toward rate cuts and that should make the whole thing bullish, yet Bitcoin is hovering just under $87,000. So it's telling the traders it'll go up without real confirmation.
I don't know if someone is behind this to get more people to buy so the price could actually go up or this is due to the new look of Bitcoin being global now. Either ways, it's more confusing to me now than ever before.
I think Trump beginning to soften his stance on tariffs adds another layer to this. If the global trade tension which was starting because of the tarrifs eases, perhaps we'll have risk assets like Bitcoin and other alt coins breathe easier.
But trust me, this participant market is not just about macroeconomics. The institutional investors are also waiting, watching earnings reports. They're hesitating to jump in before things look more stable.
At the moment, Bitcoin is around a very important levels. If it pushes past $88,000, then we can confidently say the momentum could build toward $90,000, but it’s not there yet so I'm not making any promises.
The RSI at 51 says neither overbought nor oversold, making it harder to guess where it’s headed. The Bollinger Bands are also suggesting a potential breakout or rejection, but nobody knows which one will win, that's the problem I'm trying to think about.
What’s even more interesting is the return of inflows into Bitcoin ETFs. It actually means that some investors are betting on a turnaround happening. There should be less selling pressure and a better macro environment, I think those are the right ingredients for the next push and bull run. But let’s not get ahead of ourselves. Bitcoin has fooled everyone before and it can easily do the same thing again.