Nov 01, 2024 12:05
Bitcoin has been trading in a tight 4-hour range between $71,300 and $73,300 since Tuesday, setting the stage for a significant move in the coming days. Analysts and investors closely watch this range as BTC inches closer to its all-time high (ATH). Top analyst Axel Adler recently shared key data from CryptoQuant, noting that trading volume has steadily decreased as Bitcoin remains within these levels. Typically, this volume decline signals consolidation, a phase often preceding a major price swing. Related Reading: Dogecoin Metrics Reveal Increasing Network Activity Is DOGE Ready To Break Yearly Highs? Anticipation is building with the U.S. election just around the corner on November 5. Market sentiment is optimistic, and many expect Bitcoin to break out of this range soon, either pushing into new highs or experiencing a healthy retrace to fuel further growth. The coming days will be pivotal for Bitcoins trajectory as traders assess whether the consolidation period will lead to a breakthrough into uncharted territory. As BTC flirts with its ATH, the stage is set for a decisive move that could shape the markets direction through the end of the year. Bitcoin Price About To Move Bitcoin is at a defining point in this cycle, nearing the end of a 7-month accumulation period and poised to test new all-time highs. CryptoQuant analyst Axel Adler has noted in a recent analysis on X that BTC is currently range-bound, trading between $72,900 resistance and $71,400 support, with trading volumes showing a gradual decline. According to Adler, this reduced volume in Bitcoin’s confined range hints at an impending breakout. However, a new catalyst appears necessary to drive this shift and launch BTC past its previous highs. The upcoming U.S. election may be that catalyst, with potential market impacts depending on the outcome. Market sentiment suggests that a Trump victory could stimulate bullish sentiment in the financial markets, possibly positively influencing Bitcoin’s price trajectory. Investors are eyeing this pivotal event as a possible trigger to push BTC beyond the $73,794 mark, its all-time high, into uncharted price territory. Related Reading: Ethereum Holds Key Support To Set A $6,000 Target Analyst A successful breakout from the current range could usher Bitcoin into price discovery mode, where FOMO (fear of missing out) could drive buying pressure, amplifying the surge. On the other hand, if BTC fails to secure a new high, it may dip back toward lower support levels, potentially consolidating further until the necessary momentum builds. BTC Flirting With ATH Bitcoin is holding strong above $72,000, inching closer to breaking its all-time high (ATH) and entering a price discovery phase. Price discovery typically ushers in significant gains, as fresh highs fuel market optimism and buying pressure. However, BTC has yet to decisively break past its previous ATH of $73,794, and a temporary decline below $70,000 remains a possibility if demand doesnt strengthen soon. The $71,000 support level now serves as a critical base for BTC. If the price holds above this mark in the coming days, momentum will likely build for a solid attempt to break the ATH, potentially triggering a new wave of bullish sentiment. Traders and investors closely watch BTCs performance at these levels, knowing that any sustained movement above $73,794 could signal the start of a powerful uptrend as Bitcoin pushes into uncharted territory. Related Reading: Cardano Might See A Massive Pump Around November 18 Analyst Exposes 2020 Similarities Meanwhile, a short retrace to lower support levels might provide the liquidity needed to propel BTC beyond its current resistance. Whether through a direct push or a minor pullback, Bitcoins resilience above $72,000 sets the stage for an imminent test of ATH, with price discovery and new highs on the horizon. Featured image from Dall-E, chart from TradingView
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