• Bitcoin (BTC) could be busy forming fundamental support in its current tight trading range, the latest research suggests.
• A new 100-week „point of control“ is appearing at $16,800 as the age-old Bitcoin trading range endures.
• On-chain analysis is hinting that, contrary to some beliefs, BTC/USD may not have further to fall in the current phase of the bear market.
Bitcoin (BTC) is currently in the midst of a tight trading range, as the price of the world’s most popular cryptocurrency hovers around the $17,000 mark. Recent research suggests that the price of Bitcoin could be forming fundamental support in this current range.
On-chain analysis is hinting that, contrary to some beliefs, BTC/USD may not have further to fall in the current phase of the bear market. A new 100-week “point of control” is appearing at $16,800 as the age-old Bitcoin trading range endures.
This point of control is the price level that generates the largest volume in the specific period. The longer the period and higher the volume, the stronger the notional PoC support or resistance level is.
The lack of volatility in Bitcoin’s price has led commentators to debate when a breakout in the price could occur, and in what direction it would go. So far, however, the increasingly narrow trading range in place since the FTX saga in November remains in control.
The latest research suggests that Bitcoin is now forming a fundamental support level at $16,800. This could mean that the price of Bitcoin will not fall any lower in the current bear market, and may even indicate that a breakout could be on the horizon.
The future of Bitcoin’s price remains uncertain, however, with many analysts predicting that the currency will continue to fluctuate within its current range until more significant news or events cause a shift in the market. As always, investors should remain vigilant and informed in order to make the best decisions regarding their investments.