Bitcoin's (CRYPTO: BTC) struggle to cross the $100,000 mark is due to profit-taking, derivatives data and historical trends, analysts tell Benzinga.

Bitcoin is currently trading at $94,870, down 0.4% for the day, according to data from CoinGecko.

Avinash Shekhar, co-founder and CEO of Pi42, told Benzinga that Bitcoin's pullback reflects a consolidation phase rather than weakness.

He highlighted the robust demand in derivatives markets, with traders paying a 17% annualized premium for leveraged BTC positions.

"The Bitcoin options markets also show confidence, as options are trading at an 8% discount, indicating reduced hedging demand," Shekhar said.

He added that funding rates for perpetual contracts remain neutral at 1.4%, supporting a balanced leverage environment.

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James Toledano, COO of Unity Wallet, attributes Bitcoin's dip to profit-taking following its $25,000 surge in the past month.

He noted that the presence of put options between $98,000 and $99,000 has created resistance levels.

"Profit-taking has likely exerted downward pressure on the price," Toledano told Benzinga, cautioning that Bitcoin's historical patterns show significant corrections after rapid ascents.

He cited previous cycles, such as 2017 and 2021, where Bitcoin's steep gains were followed by sharp declines of up to 70%.

Arthur Azizov, CEO of B2BINPAY, observed that Bitcoin has been trading within a tight range of $91,000 to $99,000, with the $100,000 mark acting as a psychological barrier.

Speaking with Benzinga, Azizov predicted a potential pullback to $82,000 but noted that interest in the market remains strong, driven by altcoin season and substantial inflows from institutional and retail investors.

According to CoinMarketCap's Alt season Index, the market is in alt season territory, with a score of 83.

Technical analysts at Fairlead Strategies maintain a neutral short-term outlook for Bitcoin, citing indicators such as the daily MACD and DeMARK signals that point to consolidation.

They identified $80,400 as the initial support level and $100,000 as key resistance. Long-term momentum, however, remains strong, supporting a bullish outlook beyond the current consolidation phase.

"All signs hint at Bitcoin being in its consolidation phase rather than a weakness phase," Shekhar further said.

Toledano echoed this sentiment, cautioning that while corrections are common after rapid gains, they don't necessarily signal the end of Bitcoin's bull run.

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