Bitcoin hit a major milestone in 2021 when its market capitalization surpassed $1 trillion for the first time. Since then, its value has almost doubled to reach $1.9 trillion. However, Bitcoin's current price remains lackluster, lingering below $100,000. The market has been experiencing a tug of war between bullish and bearish forces, keeping the cryptocurrency within a tight trading range since February.

Analysts are observing a growing bearish sentiment towards Bitcoin, with technical indicators like the Relative Strength Index (RSI) indicating increased selling pressure. The RSI currently stands at 44.29, suggesting that the downward momentum could persist before any potential rebound.

Additionally, Bitcoin's Moving Average Convergence Divergence (MACD) indicator is supporting this bearish outlook, with the MACD line below the signal line, signaling a continuing price decline.

As of now, Bitcoin is trading at $96,248, just below the strong resistance level at $99,805. If the selling pressure intensifies, Bitcoin may break out of its narrow range and drop below $90,000. Conversely, a resurgence of bullish activity could propel Bitcoin above $100,000, aiming to revisit its all-time high of $109,350.

Bitcoin stands at a critical juncture, with the potential for a significant price move in either direction. Stay tuned for further developments in the cryptocurrency market.