Bitcoin Locked in a Defined Range Amid Market Uncertainty
- Bitcoin has been trading within a range of $107,500 to $119,300 for the past 120 days.
- The Point of Control (POC), where the highest trading volume occurs, is near $117,500.
- Recent breakout attempts above this range have failed to maintain momentum.
- A confirmed breakout above the POC could lead to a retest of $119,300 and potentially higher levels.
- Failure to break out could result in a decline toward the Value Area Low (VAL) near $107,500.
Bitcoin remains in a state of consolidation as traders await a decisive move that could signal either a bullish reversal or continued bearish trend. The market’s indecision is evident in repeated failures to break out from its defined range on Binance.
Currently hovering below the critical POC at $117,500, Bitcoin’s next major move will likely depend on whether it can overcome this resistance or succumb to selling pressure toward lower support levels around $107,000. (Source)
