Bitcoin has been locked in a narrow trading range for more than ten weeks, consistently finding support above $83,700 while encountering resistance near $94,700. This price action has kept the broader bullish trend intact, despite some volatility.
During this consolidation period, Bitcoin has shown resilience, with multiple tests of the lower support boundary without succumbing to a breakdown. The weekly chart illustrates that this critical support zone, situated between $83,700 and $84,000, remains unbroken, emphasizing its importance in the current market context.
Should this support continue to hold, there is potential for a recovery of approximately 12.8% back toward the resistance level. Traders are reminded to maintain discipline as the market navigates through this choppy price action. Although pullbacks of 4-5% can create unease among short-term traders, they have not undermined the overall bullish setup.
Experts note that discomfort during periods of consolidation is typical and often precedes substantial directional movements. The analysis stresses that patience is crucial as the price remains within this defined range.
This ongoing behavior of Bitcoin is particularly significant as it often sets the tone for the entire cryptocurrency market. As long as BTC maintains weekly closes above the low-$80K range, the constructive framework remains in place. This consolidation phase could serve as a vital launching pad for the next major price movement once a breakout occurs.
