Bitcoin’s Price Consolidates Near Major Resistance Trendline

Bitcoin has been trading sideways in recent sessions, with the price consolidating just below a significant resistance trendline on the daily chart. Traders are eagerly awaiting a potential breakout as the market tension builds with each passing day.

Analyst Ted Pillows has drawn parallels between the current market situation and a similar scenario back in 2020 when a government spending bill propelled Bitcoin to record highs. With another massive spending bill on the horizon in 2025, there is hope that history could repeat itself and push Bitcoin to new heights.

In a recent interview with CryptoQuant’s Head of Research, Julio Moreno, he shared his insights on Bitcoin’s price trajectory for the next few months. Moreno predicts that Bitcoin could trade within the range of $87,000 to $99,000 in the short term, based on on-chain data indicating the realized price at which traders acquired their Bitcoin.

According to Moreno, the upper resistance band currently stands at $138,000, potentially capping any immediate price surge. If buying activity does not pick up in the near future, there is a higher likelihood of a pullback towards the $99,000 level before a sustainable rally can occur. Moreno emphasized the importance of strengthening demand to drive Bitcoin towards the $138,000 target.

Looking ahead, Moreno suggested that Bitcoin’s market cycle peak could potentially reach around $190,000, with the current cycle expected to extend into 2026. Historically, Bitcoin has shown strong performance in the final quarter of the year during bull cycles, hinting at the possibility of a robust finish to 2025.

As the market awaits a decisive move, all eyes are on Bitcoin’s price action near the major resistance trendline, with the potential for a breakout looming on the horizon. Traders and investors are closely monitoring market dynamics and on-chain data to gauge the future direction of Bitcoin’s price movement.