Bitcoin's price has found itself in a tight range, struggling to break above resistance and gain momentum despite President Trump's Crypto Czar, David Sacks, praising it as an "excellent store of value." However, this endorsement has not had a significant impact on price movement.

Sellers seem to be taking back the reins as Bitcoin's DMI indicates growing bearish pressure, with whale accumulation remaining below recent highs. The digital asset is currently trading between $97,700 support and $99,500 resistance, and its next move will be crucial in determining whether it heads lower or makes a push towards the coveted $100,000 mark.

The BTC DMI chart reveals that the ADX has slipped to 25.8 from 35.8 in just three days, indicating a weakening trend strength. This suggests that Bitcoin's recent price actions may lack the necessary momentum for a strong recovery. A further drop below 25 could signal a period of consolidation, with price movements becoming less directional unless a new surge in momentum emerges.

The number of BTC whales, wallets holding at least 1,000 BTC, has seen a slight uptick to 2,041 from its recent low on January 29. However, this figure is still far below the peak reached earlier, hinting that large-scale accumulation by major holders has yet to pick up significantly.

Keeping an eye on BTC whales is crucial as their actions can influence price movements through significant transactions. While a rise in the number of whales could bode well for Bitcoin's recovery and price stability, the current count remains below recent highs, indicating continued caution from larger investors.

Bitcoin's price is currently testing resistance at $99,500 while holding support at $97,700. Despite a bearish EMA structure signaling downside pressure, a breakout above $99,500 could shift momentum in favor of buyers, potentially leading the way for a rally towards $110,000 in February.