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Bitcoin Range-Bound But Shows Signs of Recovery Toward $120K
Bitcoin (BTC) traders spent much of this week navigating a tight trading range, with sellers consistently capping rallies at $112,000, while buyers defended dips between $107,000 and $108,000. The tug-of-war has highlighted a market balancing act, as the cryptocurrency consolidates following a period of heightened volatility.
Range Compression Could Signal Future Breakout
Analysts have expressed concerns over BTC’s inability to hold above $112,000 and its frequent retreats to the lower end of the range. However, technical analysis suggests a silver lining. The pattern of higher lows and lower highs on both four-hour and daily candlestick charts indicates range compression, often viewed as a precursor to future price expansion.
This phenomenon—commonly referred to as “compression before expansion”—is typical after major market moves, such as the October 10 sell-off, which saw Bitcoin open interest drop by 50%. Essentially, the market is catching its breath, consolidating after the intense fluctuations earlier in the month.
Spot ETFs and Accumulation Trends Boost Sentiment
Despite the consolidation, some positive indicators point to potential upward momentum. On Tuesday, spot Bitcoin ETFs recorded inflows of $477 million, coinciding with BTC climbing from $107,500 to $114,000.
Data from exchanges such as Binance and Coinbase shows that spot buyers across all order sizes stepped in to purchase BTC throughout the range—from $101,500 at Binance up to this week’s high of $114,000. This broad-based accumulation suggests that market participants are actively absorbing dips, adding a layer of support beneath the price.
Supporting this view, Glassnode’s Bitcoin Accumulation Trend Score currently sits at 0.924. According to the on-chain data provider, a score closer to 1 indicates that larger entities or a significant portion of the network are accumulating, while values closer to 0 point to distribution or inactivity.
Analysts Eye Potential $120,000 Price Zone
Many market watchers believe Bitcoin’s consolidation may soon end, with a breakout possibly occurring as early as next week. Technical setups suggest that the prolonged range-bound behavior could transition into a bullish phase, with BTC aiming for the $120,000 price zone.
Additionally, altcoins may benefit from Bitcoin’s next move, as the U.S. macroeconomic calendar is packed with key events that could impact liquidity and investor sentiment. Traders are closely monitoring both BTC and altcoin behavior for early signs of recovery or renewed momentum.
Overall, Bitcoin’s current range-bound activity reflects a market in equilibrium: sellers remain vigilant near $112,000, while buyers step in to defend the lower end of the range. With accumulation trends strong and ETF inflows significant, the groundwork appears favorable for a potential breakout—but volatility is expected to remain a key factor in the coming sessions.
Investors and traders alike are advised to watch technical levels carefully, with the $112,000 resistance and $107,000–$108,000 support zones acting as pivotal points for the market’s next directional move.
While the market digests recent swings, the combination of on-chain accumulation, institutional ETF inflows, and range compression provides a cautiously optimistic backdrop for Bitcoin heading into the final days of the week.
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