As a researcher, I’ve observed a somewhat erratic fluctuation in Bitcoin’s price, moving between $85K and $83K without showing a clear directional bias. Crypto traders seem to be anticipating a trend from the bulls, who are striving to break through the resistance at $86,000. Interestingly, on-chain data reveals that investors are positioning themselves both within this price range, suggesting a balanced outlook for now.
Bitcoin Price Stuck in No Man’s Land as it Consolidates in $85K to $83K Range
Taking a more detailed examination of the Bitcoin Time Price Opportunity (TPO) chart reveals that the five-day average fluctuation ranges approximately from $83,000 to $85,000. Over the past five days, Bitcoin’s price has been oscillating between these two points. If the $93,000 level breaks down, it might cause a drop in price to $82,200 and $80,000 – these are considered significant support levels.
On the positive side, tipping Bitcoin at approximately $85,000 could surpass the resistance level of $86,000, also known as the “sell wall”. If buyers manage to clear this obstacle, it might result in a revisit towards $90,000.
Examining Kiyotaka’s order book heatmap data reveals that an influx into limit sell orders led to a drop in Bitcoin price from $86,000 to $83,000. This surge in sell orders was predominantly countered, leading to the majority of higher-priced limit buy orders being consumed. However, despite these selling attempts, Bitcoin trading has remained within the range of $83,000 to $85,000, demonstrating a strong presence of buyers.
According to what’s been mentioned previously, if the $83,000 support were to fail, Bitcoin’s value might drop down to $80,000. This $80,000 level is significant because there are many buy orders waiting here that could potentially stabilize Bitcoin. This area will play a crucial role in determining Bitcoin’s future direction.
The order book depth at a level of 2.5% indicates that investors have been purchasing the asset steadily over the past two price drops on April 16 and 17, accumulating spots.
Cryptocurrency trader Mandlebrot expressed his views on Bitcoin’s price fluctuations, pointing out that there is an equal likelihood of either a rise or fall in the market. He further noted that… (Mandlebrot continued with his additional thoughts).
In simpler terms, I’m seeing roughly equal potential for both gains and losses. However, my bias leans towards the downside as we are currently trading below $86,000.
In summary, while numerous traders see the current Bitcoin price as balanced, they anticipate a strong surge or upward trend, also known as a bullish breakout.
How Can Crypto Traders Approach BTC?
On a larger scale, Bitcoin continues to produce lower highs. However, within a medium-term perspective, it’s been stuck between approximately $85,000 and $83,000. Despite this apparent stagnation, potential investors might consider a bullish Bitcoin trade following a dip towards the roughly estimated level of $82,753. This significant level aligns with the strong bullish order block that’s evident on the daily chart.
Based on how buyers respond to the mentioned price point, investors could consider taking a long stance, aiming to increase Bitcoin’s price towards the subsequent significant objective zone, stretching from approximately $88,000 to $90,000.
The proposed trading concept holds as long as the $80K mark maintains its strength. Yet, if the $80K level weakens or there’s insufficient buyer interest in this region, the opportunity could become questionable. In such a situation, Bitcoin might plummet to around $76,500 – a level that was the previous quarter’s minimum.
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2025-04-17 11:22