Bitcoin is currently at a critical phase, consolidating below key supply levels and holding above crucial demand. The market sentiment remains divided, with many leaning toward a bearish outlook as price action struggles to break above resistance. After weeks of sideways trading, investors are preparing for the next decisive move, which could set the tone for Bitcoin’s short-term trend. Analysts suggest the next price move could be aggressive, fueled by volatility and speculation.
Top crypto analyst Maartunn shared key metrics highlighting an interesting development in Bitcoin’s Net Taker Volume. According to Maartunn, dips in Net Taker Volume—an indicator that measures the difference between buy and sell orders in futures markets—have historically aligned with local bottoms for Bitcoin. This signal provides hope for bulls looking for recovery, suggesting that selling pressure may be subsiding.
With Bitcoin consolidating in a narrow range and trading volume declining, the stage seems set for a major price move. Whether BTC breaks above key supply levels to test all-time highs or falls toward critical demand zones remains uncertain. For now, all eyes are on the data, as signs of a potential local bottom could bring renewed optimism to the market.
Bitcoin Consolidates Around Key Levels
Bitcoin continues to trade in a narrow range between $94K and $98K, consolidating as it prepares for its next move. The market remains in limbo, with both analysts and investors speculating about the short-term direction of BTC’s price action. The cryptocurrency market as a whole seems to be waiting for Bitcoin to confirm the next major trend, as BTC often sets the tone for the rest of the market during critical moments in a cycle.
Top analyst Maartunn shared key metrics from CryptoQuant, shedding light on Bitcoin’s current state. He revealed that dips in Net Taker Volume—a measure of the imbalance between buying and selling in futures markets—historically align with local bottoms for Bitcoin.
According to Maartunn, this signal offers potential optimism for a recovery, but he remains cautious. “I’m setting a tight stop-loss this time because this 10-day range is getting old,” he noted, hinting at the possibility of an imminent breakout.
The next few trading sessions are expected to be decisive. The current consolidation phase is unlikely to last much longer, as price volatility often increases following extended periods of stagnation. Whether Bitcoin breaks above the $98K resistance to challenge the $100K level or slips below $94K into lower demand zones will set the tone for the market’s direction in the coming weeks.
BTC Price Prepares For A Big Move
Bitcoin is trading at $96,700 after several days of sideways trading and consolidation below the $98K mark. The market remains indecisive as BTC holds above the $95K level, providing a crucial support zone for the current price action. Despite holding this level, there’s no clear direction in the short term as bulls and bears battle for control.
For Bitcoin to regain bullish momentum, it must break above the $98K resistance and eventually push past the critical $100K level. If BTC can hold above $100K for a few days, this would likely confirm a reversal and spark a massive rally, potentially pushing the price into uncharted territory. Such a move would also serve as a strong signal of market confidence, enticing further buying activity.
On the flip side, a failure to defend the $95K level could lead to a deeper correction, with Bitcoin likely targeting lower demand zones around $90K or even $89K. The next few trading sessions will be crucial as BTC approaches the end of this consolidation phase. A decisive move in either direction could establish the trend for the coming weeks as traders and investors closely monitor these key levels.
Featured image from Dall-E, chart from TradingView
