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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 closely watching this range as BTC inches closer to its all-time high (ATH).
Senior analyst Axel Adler recently shared important data from CryptoQuant, noting that trading volume has been gradually decreasing as Bitcoin remains within these levels. Generally, this drop in volume indicates consolidation, a phase that often precedes large price swings.
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Anticipation is building with the US election coming up on November 5th. The market outlook is optimistic, and many expect Bitcoin to break out of this range soon, heading for higher levels or finding a healthy trajectory to drive further growth.
The coming days will be critical in Bitcoin’s trajectory as traders assess whether a period of consolidation 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 by the end of the year.
Bitcoin Price Will Go
Bitcoin is in a clear position in this cycle, nearing the end of a 7-month accumulation period and poised to test new all-time highs. CryptoQuant analyst Axel Adler noted in a recent analysis on X that BTC is currently range-bound, trading between the resistance of $72,900 and the support of $71,400, with trading values ​​showing a gradual decline.
According to Adler, this reduced volume in the closed Bitcoin indicates an upcoming breakout. However, a new catalyst seems to be needed to drive this change and launch BTC past its previous highs.
The upcoming US election could be that blow, with a potential market impact depending on the outcome. Market sentiment suggests that Trump’s victory may encourage a bullish outlook on financial markets, which may have a positive impact on Bitcoin’s price trajectory.
Investors are looking at this important event as a catalyst that could push BTC beyond the $73,794 mark, its all-time high, into unknown price territory.
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A successful breakout of the current range could put Bitcoin into price recovery mode, where FOMO (fear of missing out) could drive buying pressure, fueling the surge. On the other hand, if BTC fails to defend a new high, it may retreat back to lower support levels, which may strengthen until the necessary momentum builds.
BTC Plays Love With ATH
Bitcoin is holding strong above $72,000, getting closer to breaking its all-time high (ATH) and entering a price recovery phase. Price recovery often brings significant benefits, as new highs in the fuel market fuel optimism and buying pressure.
However, BTC has not yet firmly moved past its previous ATH of $73,794, and a short-term drop below $70,000 is still a possibility if demand does not strengthen soon.
The $71,000 support level now serves as an important base for BTC. If the price is above this mark in the coming days, the momentum will build for a strong attempt to break the ATH, possibly triggering a new wave of bullish sentiment.
Traders and investors are closely watching the performance of BTC at these levels, knowing that any further movement above $73,794 may indicate the beginning of a strong rise as Bitcoin pushes into the unknown.
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Meanwhile, a short retracement to the lower support levels may provide the currency needed to propel BTC above its current resistance. Whether through a direct push or a slight pullback, Bitcoin’s firmness above $72,000 sets the stage for an imminent ATH test, with price recovery and new highs on the horizon.
Featured image from Dall-E, chart from TradingView