Bitcoin is struggling to find direction, hovering just above the $85,000 mark even after U.S. inflation data came in softer than expected. The lack of reaction surprised some traders, especially given how closely markets were watching the numbers. Instead of a rally, Bitcoin remained flat, reflecting a market that appears cautious and uncertain about what comes next.
Over the past 24 hours, the crypto market has seen roughly $504 million in liquidations, showing that leverage is being flushed out as prices move sideways. Despite this shakeout, Bitcoin has stayed locked in a narrow range, frustrating both bulls and bears.
Several well-known crypto analysts have taken to X to share their views on Bitcoin’s current position. Technical analyst Ali Martinez pointed out that on lower timeframes, Bitcoin remains “stuck in a box.” According to his analysis, resistance sits just below the $90,000 level, while buyers are consistently stepping in around $85,400. Until price breaks out of this range, the market is likely to remain indecisive. Martinez notes that a push above resistance could quickly improve sentiment, while a breakdown below support may open the door to further losses.
Another trader, Daan Crypto Trades, believes the calm may not last much longer. He highlighted historical patterns showing that Bitcoin usually experiences wider price swings within a single month. At the moment, the gap between Bitcoin’s monthly high and low is around 12%, which is relatively small. Historically, monthly candles tend to post larger ranges more than 90% of the time.
Because of this, Daan argues it’s statistically unlikely that both the monthly high and low have already been set. In other words, Bitcoin is probably gearing up for a stronger move before the month ends. While this data doesn’t reveal whether the next move will be up or down, it does suggest increased volatility is likely. From current levels, Bitcoin would need to move at least 5% to retest either end of its monthly range.
Michael van de Poppe added a macro perspective, noting that Bitcoin’s recent behavior highlights how sensitive the market remains to global economic events. Even with encouraging inflation data from the U.S. and a brief upward push, Bitcoin quickly reversed course. This reaction reinforces the importance of the $88,000 level, which van de Poppe sees as a key resistance zone that must be reclaimed to restore bullish momentum.
Looking ahead, traders are closely watching the Bank of Japan’s upcoming policy decision. Van de Poppe described it as the most important catalyst of the week. While traditional markets like the Nasdaq are pushing higher and gold is holding steady, cryptocurrencies are lagging behind. Many investors appear to be waiting on the sidelines, wary of potential shifts in global interest rate policy that could impact risk assets, including Bitcoin.
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