Bitcoin has been stuck in the same range for two weeks. When BTC remains stagnant for a long time, it tends to see significant volatility in the near-term.
For 15 days, the Bitcoin price has been stuck in the same range, consolidating at the same support level at $6,700. Although BTC surged to as high as $7,400 recently, it failed to test a key resistance level at $7,700 and has been stagnant since. Often, when the Bitcoin price becomes stuck in a tight range for an extended period of time, it tends to see significant volatility in the near-term.
While the Bitcoin price could spike upwards in a strong, short squeeze given the negative funding rate of BTC futures, more technical factors point toward a bearish retest of lower support levels rather than an abrupt upsurge…
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