ARE WE STILL BULLISH ON $BTC ?
Indeed, we have observed that over the past few days, Bitcoin (BTC) has been exhibiting a range-bound trading pattern. The price has encountered resistance on the upside while fluctuating between $60,000 and approximately $65,000.
Currently, BTC is trading at slightly above $61,000, and there are signs that it may be poised for new highs. The price movement has been showing respect for the Fair Value Gap (FVG) on the downside, suggesting a healthy correction and consolidation phase, which often precedes a significant upward movement.
From my detailed analysis, it is evident that the recent retracement is a strong indicator of potential new highs. The price action within this range has been characterized by robust support and resistance levels, and the market dynamics suggest an imminent breakout from this range.
I believe that this consolidation phase will soon culminate in a breakout, possibly leading to substantial gains in altcoins (ALTs) as well. The overall market sentiment and technical indicators support this hypothesis, indicating that we might witness a decisive move breaking the current range-bound scenario.
