Bitcoin Consolidates Near $100K, Traders Target $116K Breakout Next Week

After ten days of trading above the $100,000 mark, Bitcoin (BTC) continues to consolidate with decreased volume. The cryptocurrency is currently forming a converging triangle pattern, and a breakout above the $104.9K resistance could signal bullish momentum toward the $116,000 target early next week. Analysts point to the increasing influence of DeFi applications and rising institutional investments as key drivers behind this consolidation. Traders are closely observing macro factors like potential interest rate cuts from the Fed and geopolitical developments like a potential ceasefire between Trump and Putin.