Crypto
Bitcoin Trapped in Tight Range as Analyst Warns of Possible $22,700 Drop
Bitcoin's price has remained stuck in a tight range between $83,000 and $87,000 for almost three weeks. The asset hovered near $84,668 on October 3, down 1.6% after failing to hold gains near $87,220.
Analyst Crypto with Haris takes a bearish view, pointing out stubborn resistance between $86,000 and $87,000. He warns that if the price fails to break through this zone, it could send BTC down to $62,000, which is about $22,700 below the current price.
Despite the bearish outlook, bulls remain hopeful due to steady institutional buying from investors like BlackRock's IBIT and Fidelity ETF clients. Inflows of $195.6 million in one day from BlackRock and $29.28 million from Fidelity have fueled hopes for a breakout higher.