Bitcoin remains in a classic trading range

The appreciation on the fact that Bitcoin remains in a classic trading range corresponds to Cointelegraph columnist William Suberg, and indeed for those who follow the behavior of the Bitcoin price action on a daily basis the development it has shown so far this year has drawn very familiar sideways patterns.

In this sense and if we contrast that the BTC price action is centered at $27,500 we can infer that the upper zone of the lateral channel is located at $28,000 and the infer at $26,000, so, it is highly predictable to locate buy and sell zones between these two important zones.

Now, according to popular trader Jelle, "Yesterday's breakout did not instantly take us to $30,000. I consider that a good thing, because those vertical moves tend to pull back," as indeed we have seen so far in 2023.

According to Suberg, "Continuing, on-chain monitoring resource Material Indicators warned of bearish signals in its proprietary trading tools on daily time frames."

Previously, popular trader and analyst Rekt Capital had suggested that Bitcoin could even head beyond USD 29,000 before continuing down in its current range.

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