Bitcoin Stuck Between $107K and $119K on Binance Trading Range
Bitcoin is currently in a state of indecision, with volatility tightening and traders facing uncertainty. Recent analysis by CryptoQuant highlights:
- Bitcoin has been trading within a range of $107,500 to $119,300 for the past 120 days.
- The Point of Control (POC) at $117,500 marks the level with the highest trading volume.
- This range reflects a market waiting for a catalyst to break out decisively.
Key Observations:
- Recent breakout attempts above this range have failed, leading to a "Look Above and Fail" pattern.
- A short squeeze briefly pushed prices higher on Binance but lacked follow-through buying.
- Bitcoin is currently near the POC, acting as a significant resistance point.
Potential Scenarios:
- A breakout above the POC could enable a retest of $119,300 and move BTC towards $120,000.
- If rejected at the POC, selling pressure may increase, targeting $107,500.
Resistance and Support Levels:
- Resistance near $111,000 with key moving averages acting as dynamic ceilings around $112,000 and $114,000.
- Support from the 200-day SMA around $107,000, crucial for preventing deeper losses.
Current market conditions suggest Bitcoin remains in consolidation, awaiting a breakout to determine the next major trend direction.
