Price Analysis

Markets Trade at Equilibrium: When Will Bitcoin (BTC) Price Break Above the Range?

Bitcoin is stuck within a range between $67,000 and $70,000 without any major fluctuations. As the markets approach the weekend, traders expect a major twist. However, the crypto markets continue to possess less volatility after closing the month on a bearish note. This suggests that uncertainty over the markets continues to prevail, which may have a larger impact in the next few days. 

It’s been more than a year since the Bitcoin volume has slumped hard by over 80% and has failed to regain its levels. This suggests the market participants accumulated the tokens just before the start of the recovery phase. As a result, they may be waiting for the price to propel towards new highs, probably close to $100K. This may be the reason that the BTC price has been defending its support, as traders are extremely bullish on Bitcoin. 

The above chart, shared by Ali, displays the bullish sentiments of the traders. Over 37,000 BTC have been withdrawn from crypto exchanges in the past 72 hours. This could be the reason why the BTC price did not face an extreme pullback as predicted earlier. On the other hand, the spot ETF volume is also soaring significantly, as they have bought 857,700 BTC worth $58.60 in just 5 months. Hence, all fractals point towards a bullish perspective of the token, which may heavily impact the other altcoins as well. 

Bitcoin closed another monthly candle above support, which turned from being a resistance before the price broke out above the range. The price has been ranging sideways for the past few months, above the ATH. Therefore, if the price reciprocates its previous move of moving sideways before a big move, then a rise of above 150% on the current range may be expected, which may lift the levels not only above $100K but also above $150K.

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