Bitcoin May Trade Sideways for Two Weeks Before Next Price Move
Bitcoin (BTC) has reclaimed the $100,000 level and is testing it as support. Analysts predict a potential short-term sideways movement before a breakout.
BTC’s Next Key Levels
- BTC has recovered over 23% from $84,000, reaching a three-month high of $105,819.
- Currently trading between $101,500 and $105,000, BTC is 4.4% below its January all-time high.
- The price action indicates a slowdown near the upper resistance of the current range.
- Main levels to watch: Resistance at $106,000 and support around $93,000.
Bitcoin To Trade Sideways For Two Weeks?
- Analysts suggest BTC could trade within a rising wedge pattern, potentially reaching $110,000-$112,000.
- If it falls below $100,000, it may seek support at around $92,000.
- Correlation with Global M2 money supply suggests a consolidation period of one to two weeks.
- The next upward movement could push BTC above $120,000 post-consolidation.
- Current trading price is $104,916, reflecting a 0.5% decline in the daily timeframe.
