- Bitcoin and the aggregate cryptocurrency market have been consolidated for two months.
- This trend also shows no signs of giving in any time soon, as BTC has released some of the tightest consecutive candles it has ever seen
- BTC trading volume has been declining along with this, indicating that market participants have practically moved into the background.
- Analysts are still waiting for the benchmark crypto to post a $ 1,000 candle once this trading range is resolved.
- One of those traders believes this could happen in the coming weeks and provides guidance for the crypto trend throughout the third and fourth quarters.
Bitcoin is currently trading at the same price level in recent days and weeks.
The cryptocurrency has shown no signs of breaking the resistance and support levels that have set it at its current price position, and the lack of trading volume has made it virtually impossible for bulls or bears to generate a clear trend.
The tight trading pattern seen in the past few days came after two months of limited range trading between $ 9,000 and $ 10,000.
Once this side trade is resolved, marginalized traders will re-enter the market and help perpetuate a massive movement.
Bitcoin continues to hover at $ 9,100 as bulls and bears reach impasse
As of writing, Bitcoin is trading marginally at its current price of $ 9,070.
BTC has been hovering around $ 9,100 for several weeks, struggling to get clear momentum.
Earlier this week, buyers attempted to overcome their short-term resistance at $ 9,300, but this move was met with a strong influx of selling pressure that drove its price down to lows of $ 8,950.
From this point on, it has sat around its current price level.
An analyst noted in a recent tweet that although Bitcoin is currently trading within a “neutral” range, it is rapidly approaching the apex of a triangle formation that could catalyze a more defined trend.
“Regardless of the pattern, a larger trend still appears to be in a ‘neutral’ range. Buy and mount the leak, do not cut in the middle, “he advised.
Image Courtesy of Teddy. Chart via TradingView.
Trader: BTC is likely to print a $ 1,000 candle in the short term
Another popular trader agrees with the idea that Bitcoin is about to make a trend-defining move.
He explained that he anticipates crypto will make a strong $ 1,000 move in either direction in the near term, providing crypto with a trend guide for the third and fourth quarters of this year.
“BTC HTF Update: This price action is incredibly boring … Expecting a $ 1000 big candle soon enough in either direction at this range breakout, this will probably give us a clear indication for the Q3 / Q4 move” , said.
Image Courtesy of Cactus. Chart via TradingView.
Because BTC has been showing neutral signs, it is unclear which direction this candle will be heading.
Featured image from Shutterstock. Charts from TradingView.
