Markets
When will Bitcoin (BTC) price break the range?
Bitcoin is stuck in a range between $67,000 and $70,000 without major fluctuations. As markets head into the weekend, traders are expecting a major turnaround. However, crypto markets continue to exhibit less volatility after closing the month on a bearish note. This suggests that market uncertainty continues to prevail, which could have a greater impact in the coming days.
It’s been over a year since Bitcoin’s volume fell by over 80% and failed to recover. This suggests that market participants accumulated the tokens just before the recovery phase began. As a result, they could wait for the price to propel towards new highs, likely near $100,000. This is perhaps the reason why the BTC Price defended its support, as traders are extremely bullish on Bitcoin.
The graphic above, shared by Ali, displays the bullish sentiments of traders. Over 37,000 BTC have been withdrawn from crypto exchanges in the last 72 hours. This could be the reason why the BTC price did not suffer an extreme pullback as previously expected. On the other hand, the volume of spot ETFs is also increasing significantly, as they purchased 857,700 BTC worth $58.60 in just 5 months. Therefore, all fractals point towards a bullish outlook for the token, which can have a big impact on other altcoins as well.
Bitcoin closed another monthly candle above support, which moved from resistance before the price broke out of the range. The price has been moving sideways for several months, above the ATH. Therefore, if the price reciprocates its previous sideways movement before a significant move, then one can expect a rise above 150% over the current range, which could push the levels not only above $100,000, but also above $150,000.
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