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Sideways Action, Fakeouts, Breakouts: Analyzing BTC’s 6th Range
The recent cryptocurrency market downturn has sparked concern among investors as the total crypto market cap plummeted by a staggering 9% over the past three days. Bitcoin (BTC) has dropped below $94,000, weighed down by heavy selling pressure. Despite the current downturn, the Relative Strength Index (RSI) signals oversold conditions near $92,118, hinting at a potential rebound.
Traders are bracing for two possible scenarios: a further decline to $92,000 or a V-shaped recovery toward the $96,397 resistance level. The next few days will be crucial in determining which path Bitcoin takes.
The market’s current situation bears resemblance to previous ranges, with sideways action, fakeouts, and potential breakouts on the horizon. As we enter the 6th consolidation range, history may repeat itself. It is essential to pay attention to the behavior of institutional investors and whales as they play a crucial role in shaping the future of this market.
Institutional outflows from Bitcoin ETFs have reached $582.90 million, the second-largest single-day withdrawal in history. Fidelity led the exodus with a whopping $258.69 million sell-off, while BlackRock unloaded $124.05 million worth of Bitcoin. This sudden shift by major players has undoubtedly eroded market confidence.
On the other hand, Bitcoin whales are accumulating over 22,000 Bitcoins, valued at an astonishing $2.1 billion. These large holders reducing available supply could be a bullish catalyst once market stability is restored.
As Bitcoin navigates this critical juncture, traders are eagerly anticipating a decisive move. Will we see a pullback to the crucial level of $92,000 or will we witness a breakout above $96,000? The coming days may decide the course of action for this highly volatile asset.
Source: cryptonewsland.com
