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bitcoin has been trading in a tight 4-hour range between $71,300 and $73,300 since Tuesday, setting the stage for a significant move in the coming days. Analysts and investors are watching this range closely as btc approaches its all-time high (ATH).
Prominent analyst Axel Adler recently shared key data from CryptoQuant and noted that trading volume has been steadily declining as bitcoin remains within these levels. Typically, this decrease in volume indicates consolidation, a phase that often precedes a major price swing.
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Anticipation is building with the US elections just around the corner on November 5. Market sentiment is optimistic and many expect bitcoin to break out of this range soon, either hitting new highs or experiencing a healthy pullback to fuel further growth.
The coming days will be pivotal for bitcoin's trajectory as traders assess whether the consolidation period will lead to a move into uncharted territory. As btc flirts with its ATH, the stage is set for a decisive move that could shape the direction of the market until the end of the year.
bitcoin price is about to move
bitcoin is at a turning point in this cycle, nearing the end of a 7-month accumulation period and poised to test new all-time highs. Axel Adler, CryptoQuant analyst x.com/AxelAdlerJr/status/1851897785978593303″ target=”_blank” rel=”nofollow”>has pointed out in a recent analysis on that btc is currently range-bound, trading between resistance at $72,900 and support at $71,400, with trading volumes showing a gradual decline.
According to Adler, this reduced volume in bitcoin's limited range hints at an imminent breakout. However, a new catalyst appears necessary to drive this shift and launch btc beyond its previous highs.
The upcoming US election may be that catalyst, with potential market impacts depending on the outcome. Market sentiment suggests that a Trump victory could spur bullish sentiment in financial markets, possibly positively influencing bitcoin's price trajectory.
Investors are eyeing this pivotal event as a possible trigger to push btc past 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) could drive buying pressure, amplifying the rally. On the other hand, if btc fails to reach a new high, it may fall back towards lower support levels, potentially consolidating further until the necessary momentum is built.
btc flirting with ATH
bitcoin remains strong above $72,000, getting closer to breaking its all-time high (ATH) and entering a price discovery phase. Price discovery usually marks the beginning of significant gains as new highs fuel market optimism and buying pressure.
However, btc has yet to decisively surpass its 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 now serves as a critical foundation for btc. If the price sustains above this mark in the coming days, momentum is likely to build for a solid attempt to break the ATH, which could trigger a new wave of bullish sentiment.
Traders and investors are closely watching btc's performance at these levels, knowing that any sustained move above $73,794 could signal the start of a powerful uptrend as bitcoin moves into uncharted territory.
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Meanwhile, a brief pullback towards lower support levels could provide the liquidity needed to push btc beyond its current resistance. Whether via a direct push or a minor pullback, bitcoin's resistance above $72,000 sets the stage for an imminent test of the ATH, with price discovery and new highs on the horizon.
Featured image of Dall-E, TradingView chart
