Bitcoin has struggled to gain clear momentum in the past ten weeks, creating a massive trading range between $ 9,000 and $ 10,000. This directionlessness has made it incredibly unclear whether the next big move will favor buyers or sellers. What suggests that the next move in favor of Bitcoin bears may be skewed is that currency inflows have increased in the past few weeks. The number of BTC entries on the stock exchange more than compensated for these exits, so that the net flow declined significantly.
Bitcoin continues consolidation in trading range
At the time of writing, Bitcoin is quoted at $ 230. This roughly corresponds to the price level at which it was traded in the past few days.With $ 9,200 set as the clear level of support, whether buyers can continue to defend that level or not could be the only factor determining where it goes next. When zooming out and looking at Bitcoin’s macroeconomic price action, the two main levels that an analyst observes are at $ 8,500 and $ 10,000. He notes that these are clear boundaries – and BTC is currently trading directly between the two levels.