Bitcoin Consolidates Near ATH – Volume Suggests A Big Move Ahead
31 Octobre 2024 - 11:30AM
NEWSBTC
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:
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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 Bitcoin’s 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 market’s 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
doesn’t 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 BTC’s
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
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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,
Bitcoin’s 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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