🛑🛑Bitcoin Enters Second Week of Ranging
Bitcoin has dipped a bit today, touching $68,200, but it largely remains within a week long range from $68,000 to near $72,000.
In a more zoomed out view, the currency has sort of been ranging here for a month, since early March when it first rose from $60,000.
The range is not tightening as such, more a somewhat straight line, with this being the first time ever that bitcoin moves sideways at this level.
Predictions therefore are difficult as it could $62k again, just as it could $80k, though it might instead more keep on sidewaying.
The halving is in just three weeks now. Bitcoin Cash successfully went through its halving today, and is up 4%, gaining 27% on the week.
Litecoin had its halving a week or two ago when it also gained more than 10%. So will bitcoin green as well near or in the week of the halving?
It usually has done so, but usually that was followed by 'sell the news,' so do these two clash this time to just sideway on?
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A far more interesting question is: are we sidewaying here in anticipation of resistance at $100k, and if we are, will there be little resistance if we do eventually move that way?
We'd say yes, on balance. That $100k resistance was too strong last cycle, hence the frontrunning at $70k was enough to change direction.
Some have different theories, that the FTX artificial selling caused an artificial top. Maybe, still, frontrunning $100k here might make sense.
In which case, ranging at these levels for a month, and a tight range for now entering the second week, might be good news.
It might indicate that bulls are holding on and that bears might not be strong enough to halt their charge, that there is a balance right now and therefore $100k is within sight.
As a big number, naturally we need some acclimatization before heading there, and the sideway could of course break down too.
