Bitcoin Remains Stuck In A Sideways Range: What Does Technical Analysis Say?

Bitcoin's BTC/USD recent range performance parallels examples from history but a trader thinks a technical buy signal may be flashing.

What Happened: Crypto trader Kevin highlighted that the weekly hash ribbons indicator for Bitcoin flashed a buy signal for the first time since July 2023. He noted that the last time this happened, Bitcoin’s price surged from $23,000 to $72,000.

He added that whenever Bitcoin has surpassed its previous all-time high and entered price discovery, the peak has typically arrived four to six months later and predicted that once Bitcoin breaks its all-time high again and enters price discovery, the countdown to the next peak will begin.

Expressing frustration on Bitcoin's recent range movements, he added that Bitcoin has been trading within the same small range for 150 consecutive days and that it trades sideways or negatively 97% of the time. He advised those who plan to stay in the crypto space should reconsider their outlook.

Also Read: Bitcoin As A Strategic Reserve Asset For The US? Expert Details How Trump Could Make It Happen

Why It Matters: Kevin’s observations are significant as they provide potential insights into Bitcoin’s future performance. However, it also highlights the volatility and unpredictability of the crypto market, underscoring the need for investors to approach it with caution.

IntoTheBlock data shows an 18% increase in large transaction volume and a 404.8% spike in exchange netflows. Around 92% of Bitcoin holders are currently making a profit, while 5% are at breakeven.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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