Bitcoin remains in its tightly coiled range as the market continues its sideways trend for the third week in a row. While macro support has been tested three times recently, we have yet to test the overhanging macro resistance:
Figure 1: BTC-USD, Daily Candles, Narrow Range
The blue zone outlined above shows a very strong zone of support that, over the last few weeks, has seen three strong tests and has led to a slowly upward-drifting market consolidation. Since re-establishing support, the market has yet to see a meaningful retest of the overhead resistance outlined above in the red dashed and solid lines. The immediate resistance sitting overhead has, historically, been a highly volatile period where supply has manifested and stifled any bullish pressure:
Figure 2: BTC-USD, Daily Candles, Three Rejections
The black level outlined above represents the preliminary level that the market had tested prior to shoving to the red macro resistance levels….