Bitcoin (BTC) Gearing up for Another Shot at $100K, Predicts Glassnode

Bitcoin (BTC), the largest cryptocurrency, continues to lag, failing to pique market interest. Since recovering from its drop on Monday, BTC has struggled to gain traction above $100,000.

Bitcoin (CRYPTO: BTC) is struggling to pique market interest again as the coin fails to hold gains above $100,000.

Bitcoin was up 0.02% in the last 24 hours to $98,928 at the time of writing, rebounding slightly from a three-day slide after rising to $102,559 on Monday.

Bitcoin has been trading in a range below the daily SMA 50 at $98,726 after falling from highs of $101,812 on Tuesday. Bitcoin’s attempt to decisively breach $99,000 was thwarted in the last two daily sessions, with the price dropping.

As Bitcoin consolidates in the $97K-$98.5K range, liquidity conditions continue to improve. Don't make things too complicated; BTC is preparing for another attempt at $100K. If the fundamentals continue to strengthen, it's only a matter of time. pic.twitter.com/zABcBfFi2Y

Recently, Glassnode co-founders, who go by "Negentropic" on X, highlighted Bitcoin’s recent range trading in the $97,000 to $98,500 zone.

While the outlook for the crypto market remains uncertain, the good news, according to the Glassnode co-founders, is that liquidity conditions keep improving as Bitcoin holds the $97,000 to $98,500 range.

Consolidation often leads to either a breakout or breakdown as bulls or bears take the lead. In this scenario, "Negentropic" predicts a move to the upside, stating that “Bitcoin is gearing up for another shot at $100,000.”

“If the fundamentals keep strengthening, it’s just a matter of time,” the Glassnode co-founders added.

Bitcoin solidifies stance as global assetIn a recent report, Glassnode noted that Bitcoin has evolved into a global asset with extremely deep liquidity, which is available at all hours of the day. This creates the conditions for investors to speculate, trade and express their macroeconomic views at times when traditional markets are closed.

The Bitcoin network has attracted over $850 billion in net capital inflows, while processing nearly $9 billion in economic volume daily. Bitcoin dominance has also increased from 38% to 59% since the collapse of FTX in 2022, reflecting a net capital rotation into BTC over other digital assets.