Why is Bitcoin price stuck?

Due to contradictory fundamentals and low network activity, the price of bitcoin is range-bound, making it challenging to identify a clear trend.

 Price is swaying inside of an ascending channel that is enclosed by a resistance at $28,000 and an ascending support at around $26,750.

Reduced volumes and volatility have been followed with flattening BTC price movement, highlighting an escalating bias dispute among traders.

Activity on the Bitcoin network declines.

The period of consolidation for Bitcoin is accompanied by a sharp decline in deposits, withdrawals, and overall transactions. Notably, all these indicators rose in May as a result of the excitement around Bitcoin Ordinals, only for them to drop precipitously in September.

According to MAC_D, an on-chain data analyst at CryptoQuant, "This suggests that the Bitcoin network activity has decreased," adding:

This occurred as a result of fewer new investments entering the cryptocurrency market, which reduced liquidity and hence reduced price volatility.

Bitcoin ETF expectations versus higher-rate concerns

After two competing market drivers, such as expectations for the approval of a Bitcoin exchange-traded fund (ETF) in the United States and concerns about the U.S. Federal Reserve's "higher-for-longer" interest rate plan, Bitcoin now looks to be in a phase of consolidation.

Analysts contend that the introduction of a Bitcoin ETF would increase market demand by $600 billion, which would benefit the price of BTC. However, increased inflation makes it more likely that the Fed will keep interest rates higher in the future, which may harm riskier assets like Bitcoin.

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The U.S. Securities and Exchange Commission will approve a Bitcoin ETF by the end of Q1 2024, according to a former BlackRock director.

BTC keeps accumulaIn a longer-term scenario, Bitcoin is seen moving within a wider rising channel pattern. As a result, if BTC price recovers from the current support region (the red bar), it may rise towards $36,000 in late 2023 or early 2024.ting

The fact that the quantity of bitcoin has grown across institutional and whale addresses as of October suggests that the cryptocurrency's wealthiest holders have been building up off-market via over-the-couThe spike is seen when the cohort (the orange wave) absorbs supply decreases held by Bitcoin addresses with balances between 1,000 and 10,000 BTC.

 On the other hand, the supply owned by the coIn a longer-term scenario, Bitcoin is seen moving within a wider rising channel pattern. As a result, if BTC price recovers from the current support region (the red bar), it may rise towards $36,000 in late 2023 or early 2024.hort with balances between 100 and 1,000 BTC (the green wave) has increased.

Technical analysis of bitcoin reveals a 40% fall setup.

Technically, Bitcoin is looking to return towards $28,000 after exhibiting indications of stabilisation at approximately $26,750. The current ascending triangle that BTC is trading inside of is the sole basis for the short-term bullish forecast. 

For instance, from its low on October 5, the supply held by Bitcoin addresses with a balance of 10,000–100,000 BTC (the "teal wave") has increased by more than 1%.

In a longer-term scenario, Bitcoin is seen moving within a wider rising channel pattern. As a result, if BTC price recovers from the current support region (the red bar), it may rise towards $36,000 in late 2023 or early 2024.

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The ascending channel resembles a rising wedge, a bearish reversal pattern, though. After the price breaks below its lower trendline and declines up to the pattern's maximum height, a rising wedge resolves.

As a result, if BTC drops below the bottom trendline of the channel, its price might drop by as much as 40% to $15,650 in 2023 or Q12024.