Bitcoin is now at a critical phase, consolidating below key supply levels and holding above crucial demand zones. Over the past week, the price has fluctuated
Bitcoin price is currently displaying a consolidation phase, situated between crucial demand and supply levels. Over the past week, the price has oscillated within a narrow range, fluctuating between highs of $98K and lows of $94K.
This price action signifies a buildup of anticipation among market participants, as both bulls and bears prepare for the next significant move. Throughout the cycle, Bitcoin has experienced periods of consolidation, followed by either aggressive rallies or deeper corrections.
According to an analysis of CryptoQuant data by analyst Axel Adler, Open Interest across top exchanges for Bitcoin futures has surged, indicating growing speculative activity around the short-term price direction of the cryptocurrency.
This increase in futures activity suggests that market participants are preparing for a substantial price movement, whether it's a breakout above $98K or a breakdown below $94K.
The coming days will be crucial for traders and investors, as Bitcoin's next move will likely set the tone for the broader market performance in the short term.
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