The Bitcoin price continues to consolidate within the predetermined region, suggesting the token could continue to exhibit a repetitive price action. As the year-end trade is on the horizon, the star crypto is believed to maintain a sideways trend, as the upcoming spot Bitcoin ETF is expected to have a greater impact than the yearly close. With this, the BTC price heads towards a decisive phase wherein a minor drop may change the direction of the price movement.
The flagship crypto in the long term continues to trade under the bullish influence, but in the short term, the price flashes the possibility of an interim pullback. The candles have been compressed, suggesting the activity of bulls and bears, which has been compelling the price to trade in a narrow range. These ranges can be considered extremely important, as a huge number of BTC addresses hold a significant amount of tokens at the resistance and support zones.
As per the data provided by the analyst, Ali, Bitcoin is positioned between two critical supply walls. The support zone falls between $41,200 and $42,400, where 1.92 million addresses hold nearly 723,500 BTC. Besides, the resistance zone is between $42,500 and $43,750, with 1.67 million addresses holding 706,400 BTC. Therefore, the analyst believes that a sustained close beyond these bounds will help gauge BTC’s trend.
Collectively, the trend suggests a bullish breakout could be imminent, but the drop in volume and the bullish activity may hinder the progress of the rally for a while. However, the price could further follow a fine rebound to maintain a healthy upswing.
“A breakout above resistance may propel BTC towards $47,600, while a dip below support might lead to a correction down to $38,600,”
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