Bitcoin (BTC) Why is it stuck between 100k-110k Dollar? Why can't it rise? Bitfinex revealed the main reason!

Bitcoin (BTC) has been stuck in a certain range for a long time and shows no clear movement either downward or upward. At this point, Bitcoin has been locked in a tight consolidation range between 100,000 and 110,000 dollars since June 23.

While the market eagerly follows the direction in which BTC will move, analysts explained why Bitcoin has not been able to rise.

Why Can't Bitcoin Rise?

At this point, Bitfinex analysts stated that investors are hesitant to buy due to a lack of momentum towards new highs, and therefore Bitcoin has not been able to experience the expected rise.

Analysts stated that because BTC is struggling to find the strength to surpass its previous ATH of $111,900, investors are being cautious about buying BTC at current levels.

"Bulls in Bitcoin are hesitant or unable to push prices significantly higher without new catalysts or clearer macro signals."

This indicates an ongoing power shortage.

Analysts recently added that the market is experiencing a slight easing of profit-taking pressure along with a decrease in buying appetite.

Besides Bitfinex analysts, FxPro analyst Alex Kuptsikevich also evaluated the current situation of Bitcoin.

Kuptsikevich, speaking to Coindesk, stated that Bitcoin is facing resistance around 110,000 dollars as investors are acting cautiously.

The analyst pointed out that the buying momentum in Bitcoin has weakened and the selling pressure has increased, stating that the price is struggling to hold above 110,000 dollars, which is why BTC has not been able to reach new ATHs.

Despite Bitcoin struggling to reach a new ATH, Kuptsikevich noted that capital is still moving above the 200-day moving average, which is a sign that we are still in a bull market. However, the analyst warned that any negative change in the market could trigger rapid profit-taking and the price may experience a decline.