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Bitcoin has been trading in a narrow 4-hour range between $71,300 and $73,300 since Tuesday, setting the stage for a big move in the coming days. Analysts and investors are watching this range closely as BTC approaches its all-time high (ATH).
Senior Analyst Axel Adler recently shared key data from CryptoQuant, noting that trading volume has been steadily declining as Bitcoin remains within these levels. This decrease in volume usually indicates consolidation, a phase that often precedes a large price swing.
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Anticipation is growing as the US election on November 5 approaches. Market sentiment is optimistic, and many expect Bitcoin to break out of this range soon, either pushing to new highs or seeing a healthy rebound to fuel further growth.
The coming days will be pivotal for Bitcoin’s trajectory as traders assess whether a period of consolidation will lead to a breakout into uncharted territory. As BTC approaches ATH, the stage is set for a decisive move that could shape the market direction until the end of the year.
Bitcoin price is about to move
Bitcoin has reached a specific point in this cycle, approaching the end of a 7-month accumulation period and preparing to test all-time highs. CryptoQuant analyst Axel Adler It was noted in a recent analysis on X BTC is currently range-bound, trading between the $72,900 resistance and $71,400 support, with trading volumes showing a gradual decline.
According to Adler, this low volume in Bitcoin’s narrow range indicates an imminent breakout. However, a new catalyst appears necessary to drive this shift and launch Bitcoin past its previous highs.
The upcoming US elections may be that catalyst, as potential market impacts depend on the outcome. Market sentiment suggests that a Trump win could stimulate bullish sentiment in the financial markets, possibly positively impacting Bitcoin’s price trajectory.
Investors are eyeing this pivotal event as a potential catalyst to push Bitcoin beyond the $73,794 mark, its all-time high, into uncharted price territory.
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A successful breakout of the current range could send Bitcoin into price discovery mode, where FOMO (fear of missing out) can increase buying pressure, amplifying the rally. On the other hand, if Bitcoin fails to secure a new high, it may fall back towards lower support levels, and will likely be consolidated further until the necessary momentum is built.
BTC is flirting with ATH
Bitcoin maintains its strength above $72,000, is a little closer to breaking its all-time high (ATH) and entering the price discovery phase. Price discovery usually leads to big gains, as new highs fuel market optimism and buying pressure.
However, BTC has not decisively surpassed the previous ATH of $73,794, and a temporary drop below $70,000 remains a possibility if demand does not strengthen soon.
The $71,000 support level is now acting as a crucial base for BTC. If the price continues above this mark in the coming days, momentum is likely to build for a strong attempt to break the ATH, which could trigger a new wave of bullish sentiment.
Traders and investors are closely monitoring BTC’s performance at these levels, knowing that any sustained move above $73,794 could signal the start of a strong uptrend with Bitcoin pushed into uncharted territory.
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Meanwhile, a short correction to lower support levels may provide the liquidity needed to push Bitcoin beyond current resistance. Whether through a direct push or a simple 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 by Dall-E, chart from TradingView
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