BTCUSDT
The narrow range trading of Bitcoin suggests that traders are currently waiting for a catalyst to initiate the next significant price movement. Bitcoin has been trading within a tight range for the past few days, typically leading to a range expansion and strong trending moves. Market intelligence firm Glassnode has noted that Bitcoin's seven-day price range is similar to historical instances in January 2023 and July 2020, both of which preceded significant market movements.
While the bears have successfully defended the 20-day EMA ($27,414), they have been unable to push the price below the critical support level at $25,250. This indicates that the bulls are stepping in to buy on minor dips. As long as the price remains above the nearby support at $26,361, the bulls will continue their efforts to push the price back into the symmetrical triangle pattern, suggesting rejection of lower levels. However, the resistance line may pose a major hurdle for the bulls.
In contrast, if the price turns down and breaks below $26,361, it would indicate an excess of supply over demand. In such a scenario, the BTC/USDT pair could potentially decline to the critical level of $25,250.
