Bitcoin, the largest cryptocurrency, has been trading in a tight range between $93,000 and $100,000 for several weeks, making it difficult to predict its next move. Analyst CrypNuevo shares his latest insights.
Bitcoin's Price Stuck in a Range
Over the past few weeks, Bitcoin has been stuck in a tight trading range, making it difficult for traders to predict its next move. Previously, liquidation data helped secure successful trading strategies. However, the current situation has changed, with similar amounts of liquidations on both sides, making the price direction uncertain.
Key Levels to Watch
According to CrypNuevo's data, there are two crucial support levels. The first potential bounce area lies between $94,700 and $95,000, where strong liquidity exists due to many traders' stop-loss and limit buy orders. If this zone doesn't hold, the next key level at $92,500 could come into play, as higher timeframe liquidations are concentrated there.
What's Next For BTC?
CrypNuevo warns that while these levels are significant, the number of active high-time-frame liquidations remains uncertain. Thus, he prefers to focus on short-term liquidations for trading decisions. With major economic events taking a backseat this week, traders will closely watch these critical support levels for the next market moves.
Bitcoin continues to hold within a tight range, while analysts and traders watch closely for key levels to determine its next move.
