Bitcoin (BTC) Price Stuck in Trading Range as Investors Await Breakout

IconCryptoNewsTerminal Staff03 Jul, 2024

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Bitcoin (BTC) Price Stuck in Trading Range as Investors Await Breakout

## Bitcoin (BTC) Price Analysis Bitcoin (BTC) has been trading sideways between $60,000 and $64,000 for the past few weeks. This range-bound movement has left investors uncertain about the direction of the market. On-chain analytics firm Glassnode reported in its weekly report that "BTC continues to trade sideways between $60,000 and $64,000. If BTC falls below $60,000, many short-term holders will lose money, increasing the likelihood of BTC dropping further below its 200DMA of $58,000. Breaking $64,000 decisively will allow many short-term holders to profit, likely improving investor sentiment." The key level to watch is $64,000. A decisive break above this level could trigger a rally to $70,000 or higher. However, if BTC falls below $60,000, it could drop further to $58,000 or even lower. Investors should be aware of the risks involved in trading Bitcoin. The market is volatile and can move quickly in either direction. It is important to have a sound trading plan and to manage your risk carefully.

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