Bitcoin continues to consolidate in the $90,000 – $100,000 range, but further growth may be at risk. Several factors indicate a potential trend reversal.

The first risk is the tightening of dollar liquidity. The balance of the Treasury General Account (TGA) has risen from $623 billion to $800 billion over the past four weeks, tightening financial conditions and reducing capital availability for risk assets.

The second factor is the Trump administration’s shift in stance on the Bitcoin reserve. Initially seen as a bullish driver, the government is now merely “evaluating” the possibility of its creation, causing disappointment among investors and leading to a BTC drop from $100,000 to $96,000.

The third factor is a bearish RSI divergence, similar to the one that preceded the 2021 crash. If the indicator fails to break the downward trendline, the bullish momentum may weaken, threatening Bitcoin’s ability to maintain its current price range.