In the last 24 hours, the price of Bitcoin (BTC) has fluctuated within a narrow range, reflecting accumulation and market sentiment awaiting important macroeconomic and technical factors.
📊 Bitcoin price movement in the last 24 hours
• Current price: Approximately $96,300
• Price range: From $95,906 to $96,943
• 24h trading volume: Approximately $15.66 billion USD
• Market capitalization: Nearly $1.91 trillion USD
Although the price surpassed $97,000 on May 2 – the highest in the past 70 days – BTC has not yet been able to break clearly out of the accumulation zone.
📉 Reasons for BTC trading in a narrow range
1. Technical accumulation and psychological resistance
Bitcoin is trading in a strong resistance zone from $95,000 to $97,000. This is a 'thick supply' zone – where many sell orders from previous investors are concentrated. The inability to surpass this zone indicates that the market is in an accumulation phase and waiting for new momentum.
2. Decreased liquidity and low volatility
Decreased trading volume and low volatility indicate a lack of decisiveness among investors. According to data from Glassnode, BTC is trading within one of the narrowest ranges in the past 60 days – a signal that often appears before strong volatility occurs.
3. Market sentiment awaiting decision from FED
Investors are closely monitoring the upcoming meeting of the U.S. Federal Reserve (FED), with expectations of a possible interest rate cut. This decision could significantly impact the cryptocurrency market, especially BTC.
🔍 Other factors affecting the market
• Accumulation from 'whales': On-chain data shows that large investors are actively buying BTC, indicating confidence in the upward price trend in the future.
• Interest from financial institutions: Major institutions like Goldman Sachs and BlackRock have increased their holdings of BTC, indicating the growing acceptance of cryptocurrency in the traditional financial sector.
🧭 Conclusion and forecast
Bitcoin is currently in an accumulation phase with a narrow range, reflecting investor hesitation in the face of important macroeconomic and technical factors. However, signals from the market and the behavior of large investors suggest a high possibility of strong volatility occurring soon. Investors should closely monitor important support and resistance levels to make appropriate trading decisions.