Unveiling Crypto Market Insights - Bitcoin's Ongoing Range

7월 31일

GM crypto bulls and bears,

Bitcoin has been trading range bound for the last 5 months. Market participants seem eager for market to tip it's hand, as Bitcoin has visited both the range lows and range highs for several times. We have described basic concepts of ranges in our posts devoted to ranges and support and resistance.

BTC/USD chart
After deviating below 60k support in the first half of July, Bitcoin soared +20% from the lows, reaching 70k level on Monday. However, Bitcoin didn't maintain the momentum and retraced more than 5% from the local top.

What is next for Bitcoin - range highs or range lows?

Do you think we will finally see breakout from the range the next time we visit either of the range extremes?

Let us know in the comments.