Bitcoin Stuck in Tight Range as Analysts Eye Critical Threshold
Bitcoin's price has been stuck in a narrow range of $76,000 to $82,000 for weeks, causing analysts to monitor key technical levels. CryptoQuant's Julio Moreno points out that the critical threshold for a bull market continuation is around $81,700. This level represents the 365-day simple moving average and historical market behavior suggests that a close above it could signal a fresh bullish phase.
However, Bitcoin faces resistance barriers between $77,100 and $80,200, with additional ceilings at $88,700. The cryptocurrency has also seen significant outflows from U.S. spot exchange-traded funds (ETFs), which recorded $463 million in net withdrawals last week. This could contribute to the cautious sentiment prevailing ahead of the Federal Reserve's FOMC policy announcement on Wednesday.
Moreno identifies $70,000 as the primary support level, coinciding with the 200-day moving average. Long-term holders acquired roughly 476,000 BTC within the $62,000 to $65,000 range during the current year, which could attract accumulation interest if selling pressure intensifies.