This article is available in Spanish.
Bitcoin has been trading between $71,300 and $73,300 in a tight four-hour window since Tuesday, paving the way for a major move in the coming days. Analysts and investors are closely watching this range as BTC moves closer to its all-time high (ATH).
Top analyst Axel Adler recently shared key data from CryptoQuant, noting that trading volume has steadily declined as Bitcoin remains within these levels. Typically, this drop in volume indicates consolidation, a phase that often precedes a major price swing.
Related reading
Expectations are increasing now that the American elections are approaching on November 5. Market sentiment is optimistic and many expect Bitcoin to break out of this range soon, either reaching new highs or experiencing a healthy pullback to fuel further growth.
The coming days will be crucial for Bitcoin’s trajectory as traders assess whether the consolidation period will lead to a break into uncharted territory. As BTC flirts with its ATH, the stage is set for a decisive move that could determine the direction of the market until the end of the year.
Bitcoin price is about to move
Bitcoin is at a decisive point in this cycle, nearing the end of a seven-month accumulation period and poised to test new all-time highs. CryptoQuant analyst Axel Adler has noted in a recent analysis of X that BTC is currently in a range trading between $72,900 resistance and $71,400 support, with trading volumes showing a gradual decline.
According to Adler, this reduced volume within Bitcoin’s limited range signals an impending breakout. However, a new catalyst appears to be needed to effect this shift and take BTC past its previous highs.
The upcoming US elections could be that catalyst, with potential market impacts depending on the outcome. Market sentiment suggests that a Trump victory could boost bullish sentiment in the financial markets, potentially positively impacting Bitcoin’s price trajectory.
Investors see this pivotal event as a potential trigger to push BTC past the all-time high of $73,794 and into uncharted price territory.
Related reading
A successful breakout from the current range could put Bitcoin into price discovery mode, where FOMO (fear of missing out) could increase buying pressure, amplifying the rise. On the other hand, if BTC fails to make a new high, it could fall back to lower support levels, potentially consolidating further until the necessary momentum builds.
BTC flirts with ATH
Bitcoin is holding steady above $72,000, moving closer to breaking its all-time high (ATH) and entering a price discovery phase. Price discovery typically leads to significant gains as new highs fuel market optimism and buying pressure.
However, BTC has yet to decisively break past its previous ATH of $73,794, and a temporary drop below $70,000 remains a possibility if demand does not pick up soon.
The $71,000 support level now serves as a critical base for BTC. If the price remains above this level in the coming days, momentum will likely increase for a solid attempt to break the ATH, potentially triggering a new wave of bullish sentiment.
Traders and investors are keeping a close eye on BTC’s performance at these levels, knowing that any sustained move above $73,794 could signal the start of a powerful uptrend as Bitcoin moves into uncharted territory.
Related reading
Meanwhile, a brief return to lower support levels could provide the liquidity needed to propel BTC past its current resistance. Whether an immediate push or a minor pullback, Bitcoin’s resilience above $72,000 sets the stage for an upcoming test of ATH, with price discovery and new highs on the horizon.
Featured image of Dall-E, chart from TradingView
