April 19, 2024
Bitcoin at $42,834.80 Maintains 150-Day $5,000 Price Range
Bitcoin price today

Bitcoin at $42,834.80 Maintains 150-Day $5,000 Price Range

Friday, February 2, 2024: Bitcoin’s price is at $42,834.80, displaying a consistent pattern of nearly 150 days within a $5,000 price range. Analyzed by James Van Straten of CryptoSlate, Bitcoin’s recent performance, with peaks hitting two-year highs and lows dipping to $38,500, hasn’t resulted in a sustained market trend.

The largest cryptocurrency has adhered to a trading range of $40,000 to $44,999 for 146 days as of Feb. 2. Van Straten notes that such range-bound behavior is not unusual, considering historical patterns. Bitcoin tends to trade within specific price ranges, ranging from $10,000 to $49,999, for periods between 100 and 250 days. The current sideways price action aligns with these historical trading patterns, characterizing it as typical behavior.

Despite frustrations among market participants following the launch of spot Bitcoin exchange-traded funds (ETFs), expectations for sustained upside have softened. With the upcoming block subsidy halving event, consensus suggests that Bitcoin might only gather bullish momentum months afterward.

Until then, analysts anticipate the continuation of familiar levels, with a range-bound trend expected between $38,000 and $48,000. Michaël van de Poppe, founder and CEO of MN Trading, maintains this outlook, predicting a correction in the short term followed by a slight pre-halving rally to $48,000.

The eagerly awaited halving event, impacting BTC supply dynamics, is anticipated to occur just over two months away. Meanwhile, ETFs are reportedly removing coins from the market at a rate calculated to be 10 times faster than new supply per day. This growing trend of BTC being withdrawn by ETFs adds a layer of complexity to the market dynamics, potentially influencing supply and demand factors.

Image by frimufilms on Freepik

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