- On the chart, Bitcoin was trading within a bullish accumulation zone, suggesting a potential breakout. Or perhaps it was just contemplating the meaning of life.
- However, there was a lull in the market, as BTC’s movements appeared to have slowed down to a crawl, possibly due to a lack of caffeine.
BTC has barely made a significant move over the weekend, with a current decline of 0.29% and a past-week move of 0.03%. Yes, you read that right. A snail could do better.
However, activity during this period suggests the market could be in a preparatory phase for a major upside, as investors accumulate the asset with long-term interest, per AMBCrypto analysis. Or they could just be waiting for the next episode of their favorite show.
Notably, investors appeared to be cautious with their holdings, unwilling to trade more BTC unless the market showed more positive clues. It’s like waiting for a bus that never comes. 🚌
This was evidenced by the Binary CDD (Binary Coin Days Destroyed) metric on CryptoQuant. A fancy way of saying, “Hey, nobody’s selling!”
The metric assigns a value of 1 when long-term holders sell significantly and 0 when there is little to no activity from these holders. Right now, it’s a big fat zero, indicating that investors are likely holding their assets long-term rather than selling at the current price. They must really love their coins.
AMBCrypto found that this market activity is reflected on the chart as an accumulation phase with major upside potential. Or maybe just a really long nap.
U.S. investors could push BTC to $99,500
At the time of writing, BTC is trading within an accumulation zone, moving back and forth within a converging support and resistance range known as an ascending channel. It’s like a dance-off, but nobody’s dancing.
Currently, BTC is trading at the support level of this channel, which historically provides a basis for major rallies. If this level holds and acts as a catalyst, BTC could see a 15% price jump to approximately $99,500. That’s a lot of zeros! 💰
For this to occur, bullish momentum must be sustained and strong enough to break out of the pattern’s resistance line. If BTC clears this resistance, it will likely trend higher. However, failure to break out would result in continued consolidation within the current range. It’s like being stuck in traffic on the way to a party.
As investors await Bitcoin’s next moves with bated breath, the current sentiment could be accurately described as the calm before the storm. Or perhaps just a really boring afternoon. 🌪️
Still, as always, it is best to DYOR and be prepared for the king coin’s next moves. Because who doesn’t love a good plot twist?
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2025-03-09 17:49