Bitcoin price is stuck between the 100-day and 200-day moving averages. Breaking out of this tight consolidation range will determine the asset’s short-term direction.

📊 Technical Analysis:

- Bitcoin has been trading sideways between the $55K-$71K range since March 2024.

- A drop below the 200-day moving average found support at $61K.

- A squeeze between the 100-day and 200-day moving averages suggests a breakout could be imminent.

🔍 On-Chain Analysis:

- Bitcoin is trading between the average buy price of short-term holders at $64K and long-term holders at $55K.

- A breakout of the $64K resistance could signal bullish momentum. A failure could lead to a drop to $55K.

Source: TradingView, CryptoQuant