Bitcoin’s trading has been in a 4-hour tight range, between $71,300- $73,300, since Tuesday. The market is now set for significant movement in the next few days. As BTC gets closer to the all-time highest (ATH), analysts and investors are closely watching this trading range.
Axel Adler, a top analyst at CryptoQuant recently released key statistics. He noted that Bitcoin’s trading volume had steadily declined as it remained within this range. This decline in volume is often a signal of consolidation. It’s usually the phase before a big price move.
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With the U.S. presidential election on November 5 just around corner, anticipation is high. The market is positive and most expect Bitcoin to soon break through this range, pushing to new highs, or undergoing a healthy correction to drive further growth.
Bitcoin is likely to be on a roller coaster ride in the coming weeks as traders evaluate whether or not the consolidation period leads to an uncharted breakthrough. As BTC flirts with its ATHThe stage has been set for an important move which could determine the direction of the market through to the end the year.
Bitcoin Prices About to Move
Bitcoin has reached a turning point, as it is nearing an accumulation phase of 7 months and will be testing new highs. CryptoQuant Analyst Axel Adler has noted in a recent analysis on X BTC currently trades in a range between $72,900 and $71,400, while trading volume is declining.
Adler says that this decreased volume of Bitcoin in its restricted range is a sign of an impending break. A new catalyst is needed to propel BTC beyond its prior highs.
This could happen with the U.S. presidential election, and market impact will depend on its outcome. The market sentiment indicates that a Trump triumph could trigger bullish sentiment on the financial markets. This may positively affect Bitcoin’s price trajectory.
This pivotal event is being watched by investors as it could be the trigger that pushes BTC past $73,794 – its previous high – and into new territory.
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If Bitcoin breaks out of its current range, it could enter a price-discovery mode where FOMO, or the fear of missing out, could increase buying pressure and amplify the rise. BTC may also fall towards lower levels of support if it fails to reach a higher level. This could lead to further consolidation until necessary momentum develops.
BTC Flirting w/ ATH
Bitcoin continues to hold strong at $72,000 and is moving closer to its All-Time High (ATH). It has entered a phase of price discovery. The price discovery phase is usually accompanied by significant gains as new highs boost market optimism.
BTC still hasn’t decisively broken through to its new ATH, which is $73,794. A short-term decline under $70,000 may be possible if demand fails to improve.
BTC is now firmly anchored at the $71,000 level of support. The price will build momentum if it holds this level in the next few days. This could trigger a wave of new bullish sentiment.
BTC traders and investors are closely watching BTC’s performance. Any sustained move above $73,794 can signal a strong uptrend. Bitcoin is pushing into uncharted terrain.
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While a small retrace back to the lower levels of support could be just what BTC needs to break through its resistance, it is unlikely that this will happen. Bitcoin’s resistance above $72,000, whether through a major push or a small pullback, sets up a test for ATH in the near future.
Featured picture from Dall E, chart by TradingView
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Source: www.newsbtc.com
