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Bitcoin’s Tug of War: Bulls and Bears Lock Horns in Tight Range

Bitcoin's tug of war continues. Visit CDS to find out which direction the price will take in the coming days.

Bitcoin’s Tug of War Bulls and Bears Lock Horns in Tight Range
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Bitcoin’s Tug of War: Is a Reversal on the Horizon?

Bitcoin’s Tug of War: Is a Reversal on the Horizon?

Due to sellers capping each price breakout at $112,000, bitcoin traders competed for the majority of the week. In the meantime, buyers continuously intervened to protect declines between $107,000 and $108,000. The failure of Bitcoin to maintain prices above $112,000 and its frequent returns to the range lows have alarmed several analysts. Nonetheless, the range compression shown by the daily and four-hour higher lows and lower highs may be encouraging.

Technical analysts frequently observe that volatility typically decreases and prices start to stabilize following a significant market move, such as the sell-off on October 10. Expectations of a squeeze before expansion are frequently raised by this pattern. Moreover, Bitcoin open positions dropped by 50% during this wave.

Bitcoin Buyers Step In Aggressively: Is $120K the Next Target?

There are some encouraging trends behind the daily market action that point to Bitcoin eventually returning to the $120,000 price range. The spot Bitcoin ETFs made $477 million on Tuesday when the price of the cryptocurrency rose from $107,500 to $114,000. Data indicates that spot buyers from a variety of order-size groupings on Binance and Coinbase have been making aggressive purchases in addition to these inflows. From $101,500 on Binance to this week’s range high of $114,000, they have been purchasing across the whole range.

Bitcoin Range Consolidation Could End Next Week, Analysts Say

Bitcoin Range Consolidation Could End Next Week, Analysts Say

As of right now, the Bitcoin Accumulation Trend Score indicator on Glassnode is 0.924. According to the on-chain data supplier, larger organizations are accumulating if their trend score is closer to 1, whereas they are distributing or not accumulating if their trend score is closer to 0. Bitcoin’s range consolidation may come to an end early next week, according to several analysts. They also imply that a US macroeconomic calendar full of significant events may cause altcoins to begin to recover.

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Bitcoin’s Tug of War: Bulls and Bears Lock Horns in Tight Range
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